>> from the heart of where innovation, money, and power collide in silicon valley and

beyond, this is bloomberg technology with emily chang. caroline: i'm caroline hyde in new york, in for emily chang. we have attempts to navigate a tricky medical maze among state abortion laws. seeking to get abortions may not be all that easy. as the biggest names in tech and media gather in sun valley, we will hear from 23 and me about the company's new study on long covid, and the current state of tech stocks. doordash and hoover's ceo agreed to take stakes in grubhub. will get all of that in a moment. u.s. stocks rose for the third straight day as investors kind

of inhaled the economic data that indicated slower growth. katie greifeld joins us now. the fed minutes sounded pretty hawkish. why the rally? katie: good question. there was a lot of volatility today. the nasdaq 100 managed to string together a third straight day of gains. it took off about half an hour after somewhat hawkish fed minutes came out, and it was really tech leading the way. the s&p 500 closed at higher, but the tech sector closed 0.9% higher. that came even as we saw anna norma's jump into your treasury yields, up 18 basis points on the day. usually, that is bad news for tech. consumer discretionary funds took a hit as tesla, starbucks, and the like fell.

bitcoin still sticking around that $20,000 level. or producer crunched the numbers. bitcoin tends to move in $10,000 increments. it is stuck around $20,000. where the next $10,000 goes, it remains to be seen. caroline: we thank you so much for a great roundup. meanwhile, let's talk about the u.s. supreme court ruling to end federal protection for abortions. it happened last month. many people wanted to try to find a way to help. some posts on airbnb offered to open their homes to get who needed to travel to states where the procedure was still allowed. some posts are not realizing it -- are now realizing it is not as easy a solution as it might seem. michael tobin wrote about this. talk about how hosts were looking to potentially step in and a lot of travel to states that allow abortion. michael: immediately, people were changing some of their listings to say if you are a

woman and need to travel across state lines to get an abortion, you are welcome to stay at my home for free. this is hosts stepping up at a time where abortion access is being limited in half of u.s. states. quickly, hosts learned it was not as easy to do this as they thought. there are very restrictive laws in states like oklahoma and texas that will put out bounties on people who aid and abet abortions. this was an issue that came up last year. companies like uber were saying we are going to defend our drivers if they are implicated in these lawsuits. quickly, what we have seen happen is hosts take down these listings and partner with local nonprofits who are able to provide help. caroline: so perhaps be a little less implicating for someone looking to use that home. i'm curious how airbnb and huber came to help and offer to pay legal fees. michael: airbnb has said that they will defend hosts.

they said that last september, and they said if any other states passed laws similar to the one in texas, they will do the same. the company also made an unspecified mission to planned parenthood. they have not done anything else besides what happened after the supreme court ruling. this is a company that stepped up to provide housing to ukrainian and afghanistan refugees, but we have not heard about their plans or partnerships domestically. caroline: it has to be said in many ways the ukrainian refugee crisis was in no way politically divisive. a third of the u.s. population at least on a pew survey agrees that abortion should be illegal, so we have to realize this is a politically charged conversation and not everyone agrees. i'm interested in whether we expect the companies to make comments about how they support their employees as well, because this is something we have seen many businesses say. michael: airbnb has said they will pay for employees who go across state lines to get an

abortion, but we have not seen that extended to hosts yet, or to guests. it still remains to be seen what the company plans to do. caroline: what about solutions some of the actual hosts have been coming up with? you say they have been working with local nonprofits, looking for a way to offer your home for free to those who want to travel. is that a way? michael: that is what i have seen. one host in virginia said they would be partnering with a local nonprofit, and they actually have women who are going to stay at their home. this is somebody who was able to partner they local nonprofit and make it successful. they have taken down the language from the listing on airbnb, but they are still making it available through the nonprofit. another host in new mexico said they had to take down the listing because of threats they got against her family. it does show how serious this can be. they really hope that the organizations -- they hope airbnb will partner with organizations to make this

safer. caroline: what about the next step of reporting? when you are looking at the ways in which this conversation continues to happen, are there other companies you are discussing this with, ways that airbnb and the like will have to become more clear? michael: i think what we will see is companies will continue to be put under public pressure and the public spotlight for what they are going to do to support employees and hosts. this is similar to the conversation around who is an employee and a contractor, right? that is clear with what you see with uber. uber and airbnb, to their credit, has said that if you are implicated in lawsuits, we will defend you. caroline: a great story. thank you for coming to talk to it. the crypto crash has claimed another victim, filing bankruptcy protection. there was a collapse of on all

important hedge fund that had loaned money to three arrow capital. the crypto mogul and white knight himself. much more ahead. stay with us. ♪

caroline: let's get out live to sun valley for the conference. ed ludlow, you have a very special guest.

ed: let's go from billionaires and data with the ceo of 23 and me. how are you? the weather is beautiful. it has been busy. you have been coming to this conference for a long time, but you are very busy generally speaking. 23 and me, you were coming out of the pandemic. the consumer around the world is thinking a lot about their health. how has that helped you? it is interesting. covid, it was the first time we would publish articles and that would drive sales. covid spurred people to be hyperaware of health, to be interested in what is going on. 23 and me definitely saw a bump. people were interested in the research we were doing, and people were interested in health. ed: as we enter the second half of 2022 and economies are opening, and many people are double vaccinated, we did, are they still coming to you? what is the anxiousness about

health data? and -- anne: half our customers, for ancestry, and the other half feel empowered for information about prevention. i think people have learned with the pandemic -- we think about math and vaccines. all of that ties in with the world of prevention, but also ties in with saying, type 2 diabetes -- are there things you can do to prevent it? are there actions you can take? lifestyle, environment -- people start to think about that more and more. what can we do to be healthier in general? ed: run through what it is you offer and how it works. anne: 23 and me is incredibly simple. you spit in a tube. we collect your dna. we help you interpret your dna. we are different than the other companies out there. we never said we are just ancestry or just health. we want this holistic vision. we are about you and

understanding your dna, and dna -- you share it with all this life around us. you and i are 99.5% the same reason how can we understand the dna to understand why we are different? some people are introverts. some people are extroverts. some people are higher risk for type two diabetes. some people are not. how can we understand how dna influences all of that? so we return ancestry results to people and we return health results to people, and we engage them with their own personal dna. ed: how many of these kits are you selling, and where are they doing best to mark his of the united states, other markets? anne: we're focused mostly on the u.s. right now. we also sell in the u.k. in canada, 66 countries. but we don't sell health everywhere. health is still highly regulated in most of the world. it is mostly in the u.s. we see good uptake from our customers that are really interested in understanding

ancestry and understanding health. what is interesting is there is a real tight and. most people can relate and say if you are jewish dissent or african descent, you are potentially at higher risk for certain conditions, so there is a real tie-in. ed: you made an interesting acquisition -- lemonade telehealth. it was a big pandemic era hot ticket. how is that going for you? anne: the reasons we bought lemonade were very different than the reasons other groups got into telehealth. it is not because we wanted to get into urgent care and strep throat and the whole telemedicine craze. we thought there was this opportunity that people are comfortable talking to their clinicians online, and frankly most clinicians are not trained on genomic medicine, meaning if you go and get your results and alzheimer's or chronic kidney disease or other conditions --

physicians are not trained on what to do with that. by acquiring lemonade, we now have the opportunity to offer the full stack, meaning i can give you access to a direct consumer approved test. i can get you your genetic information. and now i can actually provide clinicians who are trained on genetic information, and a are mis-c that is also trained on how your genetic -- or genetics interplay with medication, so i can offer a full service to our customers. ed: are you out there looking for similar opportunities to build out the 23 and me operation? anne: acquisitions take a lot of time to integrate. i would say the first step is integration. but being able to train clinicians and provide those to our customers and provide that whole package -- people today still don't necessarily know what to do with all their genetic information. there is a process of educating our customers.

we are going to give you health care providers now that can help you understand how you actually potentially translate that into your life and lots of ways that we can leverage the service to help encourage behavior change. anne: you -- ed: you are the ceo of a publicly traded company. health care is important. we are in a challenging inflationary environment. we have been having a lot of discussions in the last 24 hours about where does the consumer stop spending. do you think the consumer will continue to assign importance to spending on health care data, monitoring metrics? or is there a risk that consumer spending slows down? anne: i think there is a couple interesting trends. people are really frustrated with the lack of transparency in health care -- surprise bills. i think people want to have more control. i think 13 -- one thing we have

lead on his being a low-cost provider of information and making it really affordable and accessible. i think more and more there is going to be a trend where people want to be in control. they want to know exactly what they are paying for, and want to know they are getting a reasonably priced service. i think that 23 and me, at our current price for our health and ancestry kit, is in the range of reasonable for people. ed: what is the big picture outlook for the rest of this year and beyond? anne: i focus on beyond. for me, i am very focused on the long-term vision. the long-term vision is a health care system that is about your best interest. today's health care system means money when you are sick and go into the system. i have always been focused on a self-pay, direct to consumer model, because my relationship is with you. how is it that i can win as a company and you can win as an individual if i can keep you healthier?

how do i actually empower you to be healthy? how do i empower you to be as healthy as you possibly can, and not actually get sick to begin with? ed: do you think that 23 and me is seen as a potential partner or a bigger health care system, or a potential acquisition? have you ever thought about doing that? anne: i think now that we have acquired lemonade, and the focus we have on genomic medicine and delivery of medicine, i think 23 and me could play an important role in helping bridge consumers who have their genetic information with the rest of the medical world, and start to bridge that genomic divide, like how people actually understand what is this information. how can we use it in the clinical setting and in a lifestyle setting? ed: it is not just billionaires and deals. it is health and data. back to you in new york. caroline: she might be a billionaire. we will have to check the bloomberg billionaires list.

what a wonderful interview. what a fascinating ceo. we will be back at sun valley on thursday. and the major league soccer commissioner. make sure you tune in. coming up, doordash shares drop after competitor grubhub struck a deal with amazon. grubhub will have easy access to amazon's board consumer base. ♪

>> apple's latest chips have shaken up the computer industry, pushing rebels to search for new solutions. in the last year and have, apple has gone to the m2 and i expect

the first m3 chips here. but all of this has taken a toll on apple's other products. two of apple's most popular devices, the iphone and the apple watch, will not be getting their typical big ship upgrade this year. for the first time since apple began driving its -- designing its processors, the base iphones will not get their own chip. only the more expensive iphone 14 will get a faster processor. similarly, for the first time in its history, the apple watch stick to the same processor technology. the series eight will get a chip, and the processor will be on par with the series six. apple has also been facing hurdles with the development of its first cellular modem, with the test version facing overheating issues.

i don't expect the apple modem to arrive until 2024 at the earliest. i believe all of these issues are in part a result of apple's chip department being spread too thin, as well as the new focus on mac. there is also the industrywide chip shortage, which is leading to higher races, as well as rising shipping costs. apple's is also not without blame, due to its somewhat rocky transition to new three millimeter processor technology. this is power on. caroline: thanks to mark gurman, and sign up for the week power on newsletter at bloomberg.com. amazon struck a deal to take up to 50% with grubhub. it will also offer prime users in the u.s. a one-year subscription to the food delivery service. grubhub is owned by a dutch company. bloomberg intelligence says --

why did amazon want to get into this delivery service? >> the lines are clearly blurring between what amazon is doing for delivery in terms of -- and with these companies are doing with food and grocery delivery. for amazon, it is an easy way for them to partner with grubhub. it is losing share, but it does have a good customer base in cities and urban areas. it is good for them to segment the market. they did a similar partnership with delivery in the u.k., really targeting high-end users that grubhub has. i think that is the play here. over time, they want to bundle everything. they already have music, video. they will add more services and the prime script and become some the customers cannot do without. caroline: why go to the high-end?

deliveroo started with top-end routes and then went lower. is the higher-end buyer more recession proof in america? >> and they have higher repeat business. when you think about subscriptions in this business, it is all about frequency. how can you have the customer order more times then they would have done otherwise? in this case, i think the other problem that i see for doordash and cooper is they charge for takeaway based on the basket size. amazon can say it does not matter in terms of how many times you order. we will give you one fee. that is very disruptive to the business model of uber and doordash. they are already struggling with profitability. if this was to come, that would be big pressure on their takeaway. caroline: is there an option to eventually own the full asset if they wish? mandeep: i think amazon cannot

make a big acquisition. they already bought mgm and whole foods. i think the regulatory environment is more challenging. even the delivery partnership went through intense scrutiny. my hunch is although they would have gotten this asset very cheap -- $7.5 billion for grubhub. it will be substantially marked down in this environment. but i think for amazon, the partnership is one way for them to gain access to the grubhub customer base. they can do everything they would have done if they had wired that. caroline: in general, we are going to see more consolidation in the space, i. i'm thinking about my instacart and how much i assess what gets added on versus walking into a store. are we seeing more consolidation in the space in general to mark mandeep: there will be a lot of pressure. in a slow economic environment where customers are pulling back on spending, there are too many subscriptions that the customer

has. they have to pare back on what is discretionary versus what is not. that will be a catalyst for consolidation. order growth will slow down substantially. there up against covid growth. the comparisons are very tough. that would be a catalyst for instacart and the smaller guys to give up and say we have to partner with walmart or target or one of the big retailers out there. caroline: mandeep singh, bloomberg intelligence, great analysis as always. supply chain production. an ev maker soaring. ♪

caroline: this is bloomberg technology. shares of rivian surging on

wednesday, the electric car making -- carmaker still on track to produce 25,000 units this year. ed ludlow, we are never going to let him relax and sun valley. we are going to keep you on top of all the eeev news. this is a market reaction. why? ed: yeah, because they are making progress. they produced 500 equals approximately in the quarter. they have jumped to 4400 in the second quarter. this is about a production ramp. remember, 2018, micro focus on tesla and the production hell. rivian is showing it is making progress, and the street is looking at that and saying we believe you i know i am in sun valley, but guess who else is in unveiling to mark the rivian ceo -- who else is in sun valley?

the rivian ceo. this is a company heading in the right direction in their factory at least. caroline: you said hello, did he say anything back? ed: he did. he is an interesting guy. sources tell me he is often the smartest person in the room, but comes across as incredibly humble. it is an interesting one. at a tech and media conference, you would not in automotive really fits into that. he is not only automotive executive. mary barra, the gm ceo, is also here. it is a bit of a victory lap. the stock has been under immense pressure since november, but they are still kind of the golden company with serious wall street backing. they are ambitious, and i think that has been part of the street's concern. they talk about being able to

ramp production at the illinois facility not just to 25,000 this year, but to 100,000, 150,000 units annually. the end to break ground on a factory in georgia very soon that could build 400,000 units annually. they are going to start production on that in 2024. they have a lot going and $15 billion on the balance sheet. it is really about the quarter by quarter execution. caroline: he did arrive, the ceo of rivian, right? ed: he has been busy and i did not have a chance to send you a auto a bright green suv, and i promise i will show you pictures of it. caroline: such a beautiful backdrop as well. meanwhile, raising venture capital is not as easy for startups in what is turning out to be a challenging year as a recession potentially looms over the economy. founders are looking for a smart

way to secure money. we're joined by the m 13 managing partner. it is great to have time with you. we are hearing about companies that recently went public. in the private market, how are you seeing valuations, and how are you seeing the willingness of anders who want to raise in this sort of environment? >> a very interesting time for sure in venture capital. i think the problems with everything happening in the public market is really ricocheting back into the private market. at the end of the day, we all invest in these companies because we want to see them go public, want to see them grow. when there is so much uncertainty in the multiples, it ricochets back from late stage investors who are holding off waiting for the market to settle, back through the earlier stage investors like myself. ultimately, we want to make sure we invest in companies that can get to something. caroline: we all know your

investment in daily harvest, headspace, which a lot of people are using. you are no stranger to navigating during downturns -- the great financial crisis, 2008. what is different this time, essentially to mark karl: -- this time, essentially? karl: i had a company back in the late 1990's that i was able to exit during the bust. we navigated through. definitely went through these challenges myself. i think that every economic downturn is different. this downturn, there is a lot of conjecture about what is driving, but ultimately there is a lot of international activity that is driving nation and driving some of these things that are really scaring the market. the one big difference is, whereas in 2008, really, money just ride up, i think the

situation we have today is there is a lot of money sitting on the sidelines. the money has not dried up. i think the market has crated nervousness and caution on the part of the investors themselves. that money is going to have to come back to work. these later stage fund investors have not put that money to work within a predetermined time. as the market really finds its bottom, there is a lot of money ready to come back in, so we are very positive and hopeful about the future and the opportunity for these companies to raise money in the future. the period between here and there is really the unknown. caroline: you were in fintech, and one key name from where you and i originally hailed from in europe, klana, a huge downgrade in terms of its overall market valuation. as the previous leader of businesses in this time, have these companies raised enough

previously? how are they helping their employees, who kind of audit the moment? karl: it is an interesting question. you have to consider your amount of capital, your ability to run. the companies that have a lot of capital on the balance sheet, whether they are private or public, have the highest potential to see through this time. you just have to manage the business through this time. once you get through it, hopefully the market turns and you begin to see the benefits of building and running a solid business. but your question about employees especially at the earlier stage, where in this market as well there is very low unemployment -- employees do have a lot of options to think about moving around and think about what they want to do companies are thinking about layoffs, some kind of tightening , the earnings potential. one really important thing is to keep your best performers and to motivate them.

one thing we really speak to our ceo's about is how to deliver that vision, bring them along for the ride, make sure everybody realizes these businesses are not changing. it is just that the vision is something they have to be more efficient about achieving. bringing the best team along with you and making sure they are motivated to see through the end of the journey is incredibly important. caroline: give us your assessment of the overall economy and recession risks that you see, because the companies you have funded in the past are discretionary names -- tonal, headspace, daily harvest. all of these things are retreats -- are treats, if you think about people who do not have cash slashing about. are you worried that people are pulling back slightly on their spending? karl: to a degree, yes. your talking about later stage businesses. some people have already exited, so they are not really in our portfolio any longer.

we realized our benefits at the exit point, when there was an m&a transaction or ipo, so we do not necessarily maintain that business. all tech companies across the board are obviously suffering massive compression of their valuations. realistically, when you see the multiples and the valuations that are in place for last year, they were probably unrealistic in march. have the over compressed? probably. if they have over compressed, there is opportunity for us at the bottom. as an investor in my personal, private, or public portfolio of my own, it is about waiting it out and allowing good companies with good fundamentals to see through the downturn and begin to get recognized for their value again. i think in the earlier stage businesses, it is really just -- it is less of an issue of how the public perceives your business. there is a valuation compression

in the private markets as well. a lot of these companies need to have sufficient runway to be able to see through the other side companies that have raised money recently, we are advising them to have 24 months of cash on the balance sheet. companies that have not raised recently are generally looking inside, to their inside investors, to their order, to do inside rounds just to shore up their cash position and put themselves in a position to see through this period. caroline: great to catch up with you. the portfolio, those that remain, the companies that you are still waiting for the exit -- karl alomar on how to whether this particular storm. walmart, talking of consumer discretionary, reportedly told buyers that new fuel pickup fleets are coming. the giant retailer will charge companies for transport to

warehouses. some competitors such as amazon already imposed similar fees. coming up, in the wake of rapid pandemic releases, a $150 million fund. how much is being allocated to the blockchain gaming? we will discuss. ♪

caroline: crypto, the space in what we call a winter history, some say in crisis.

a gaming-focused vc firm raised $150 million for a new one which will include investments in blockchain games. we are joined by the managing partner at convoy ventures. how is the gaming industry going to respond, josh? josh: thank you for having me on the show. blockchain gaming is going to thrive during this next macroeconomic cycle, for a couple of reasons. one is blockchain gaming rises on the back of the gaming industry, which already has 2 billion gamers worldwide, average age 36 years old. 35% of gamers are women. this has become a bull industry. over the last five to 10 years, you are seeing 100 million people join the gaming industry in general. on the back of that, there has been technological innovation in gaming decade, ever since the 1970's, when the gaming industry really started with blockchain gaming specifically, you are looking for an industry that is

bringing primary thanks to the industry. one is business model innovation, which i can dig into a little bit more. second is the digital asset ownership of the consumer. those two trends are going to drive successful blockchain gaming for the next decade caroline: i don't want to say all of your investments are blockchain related, but you have some big names. skye mavis would have been the big pinup, but that is a controversial game to be associated with because suddenly they have moved away from this play to earn kind of model. how do you see the space evolving, and why is it so controversial to mark josh: i don't see it as a controversial thing i would attribute that more to what they are doing is quite innovative. that sometimes sees resistance in the gaming industry. when you look at the success, you see a team that really pushed gaming by saying when you

play you can earn this in game token thing that you could actually trade on external exchanges -- hence why there are tokens attached to the platform. we have been thrilled with how the team has navigated the last six months and different challenges. they have done a great job of reopening the bridge. the founder and the company took ownership of a lot of things that went down. they have done a great job navigating meta-games, period. what has been most controversial is, should playtime he rewarded with financial rewards to mark the idea is not that novel because people have been gifted things to cosmetic items, through perks, through discounts. the blockchain ecosystem in general has brought this token financial personal ownership to the gaming industry. the two combined has been right powerful. skye mavis is one of the most

successful, if not the most successful, blockchain centric form on the planet. we happen to be an investor in this amazing team. caroline: there was a hack reported relative to a particular partner looking at a linkedin and, and they are looking for how on earth it happened. when there is a hack like this, you as a backer of the company -- should you be there as money of last resort? josh: i cannot get into that specifically, as to how it went down, but i can tell you the bridge has been reopened and fully funded. i can also say we are super impressed with how the team, at their own expense, and how the company balance sheet, came forward to protect the community from having to take that. that hack was an unfortunate event, but the team and the company stepped up to own that. when it comes to the investors, we are incentivized for the

success of this company. we will continue to be in their corner. i cannot get into the exact details of how that bridged and plugged in gaps, but they navigated it incredibly well, and as an investor we are thrilled to continue to support them publicly like this, as well as privately in boardroom meetings. caroline: what kind of other gaming startups are pushing the envelope, being innovative, using new ways to use the blockchain underlying technology, but also in fts? -- nft's as rewards? josh: at convoy, where specialists in investing in platforms and infrastructure for the church of the video gaming industry. that platform stuff that we look at -- the next discard, the next with -- the next discord, the next twitch, the next roblox. it is digital asset ownership,

digital identities, and a new business model. i alluded to this earlier, but the is this model innovation that blockchain brings to gaming is going to be, in our view, as big as the rise of the free to play gaming model in the late 2000's. the free to play business model brought in about $50 billion to $80 billion to the gaming industry, which is now valued at over $200 billion. we think blockchain gaming, with the rise of a business model that allows the transfer of transactions automatically, without having to rely on counterparties, is a powerful technology the gaming industry is going to absolutely take advantage of and integrate into web 2. i think you will also see gaming companies not necessarily go the ipo route, go for some type of nft revenue component to what they are doing. we think this can be incredibly powerful, and it has already proven to generate aliens of dollars in the last 12 to 18 months. caroline: josh chapman of convoy

ventures -- konvoy ventures. technology cost terrorism? china is preventing the sale of chipmaking gear. ♪

caroline: china accusing the u.s. of technological terrorism in its push to stop asml and nikon from sending key

chipmaking technology to the country. eric martin broke that scoop. it is interesting how the u.s. is leaning on the dutch and japanese makers. china responding gruffly to it. eric: that is right. we have seen china rejecting the pressure the u.s. is putting on asml, as well as on nikon, japan, with asml having by far the biggest market share of this technology, the ultraviolet thurber fee equipment. caroline: i won't tell you how much i had to look into some of the technology when i reported on asml's numbers, and some of the other european equipment makers. what could china do in response? what about their own innovation in the country to be able to develop such a med? eric: we have certainly seen efforts by the chinese to develop their own equipment.

to date, they have not had a whole lot of success with it. asml remains by and large the sole provider of this uv etching equipment to china. this is not the most advanced etching meant. it is kind of the second generation, the older generation, but still the most commonly used in this industry. this is something the chinese definitely have a desire to still in large on. advanced, rich countries are selling and making this a med. but they have not been very successful in the effort to re-create it. caroline: do you think this will bear fruit? i know i asked this previously, but we have heard further from nikon, from asml, over whether they are willing to respond?

eric: asml so far has not gone along with it and has objected to the u.s. push on the netherlands for asml to be cut off from these kinds of sales. they are feeling that this is not something the u.s. should be doing. but we have seen a broad u.s. push on china and on some of the chip producers in china. it is something the bureau of industry and security is, on a daily basis, looking at, in terms of trying to stop china from matching or overtaking the u.s. in this kind of technology, under national security concerns. caroline: the next thing you are looking for? : whether asml eventually does go along with this, or if the government of the netherlands goes along with it, blocking the

sale of this kind of technology. this is a real chokepoint for china's chip industry, and something that could really hamstring china going forward. caroline: eric martin with all the scoops. that does it for this edition of bloomberg technology. tomorrow, we are back in sun valley. a major league soccer commissioner. football if you are british. make sure you tune in, and don't forget to check out our podcast. you can find it on the terminal and online on apple and spotify. from new york, this is bloomberg. ♪