>> from the heart of where innovation, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ed: i am ed ludlow in new york

in for emily chang. this is "bloomberg technology," how coming of the next hour tech continues to follow the nasdaq 100 falls for the fifth day. angst among global social banks and the strong dollar grows. amazon goes after deal hungry shoppers as -- the e-commerce giant will hold a second crime prime day sale this october in the fight back against inflation. is a bird or a plane? is your delivery coming from the sky? we talked them about the latest play to win over regulators. and you'd as part of a broad market selloff, a sharp move in the pound, despite some megacap's closing in the green, investors remain subdued in the

face of global monetary policy tightening. joining me is katie greifeld. monday volatility. where is the pain? katie: it was an ugly day, a sell everything kind of market, the center of that was the bond market. let's talk about the 10 year treasury yields soared 24 basis points, is dangerously close to a 4% handle. we have not seen that sense -- dangerously close to a 4% handle. we have not seen it since 2009. the u.s. bond market after the bank of england did not do much to calm any sort of nerves in the ripple effect, tons of stress correlations approached one. that's what happened today and it took a whammy of the stock market. we talk a lot about the nasdaq 100, we hear in the u.s. so much

of the global make talk -- mega tech is on the u.s. -- nasdaq 100. we have seen the impact of the pound push higher. global tech has fallen. the nasdaq one is kind of outperformed a little relative to the rest of the tech stocks. katie: it was an interesting day, they closed a half a percent lower than the nasdaq 100. the s&p 500 was down about 1%, was not outperforming. it was thanks to the megacap tech, the likes of amazon, apple, tesla to squeak out gains. the sheer size of the companies, that's going to mask a lot of pain at the index level. vstoxx -- the stocks have been following for a while now to the detriment of the index. the yields are higher, the discount rate is higher, but we are talking about amazon, does it really matter? manus: we have done a poll and

we asked a question, where does the nasdaq 100 end the year? what's astonishing is the strength of the response. you see it on your screen. around the 11,000 level, a vast majority see us going lower to 10. a small section of professional retail investors seeing us go to 14,000. it is hard to call a bottom in tech stocks in the real yields push higher. katie: absolutely, but if you are a bull you love to see some like this. that you have such a strong consensus that is a bad environment. in tech, both professional and retail traders feel the nasdaq 100 will hit 14,000 before 11,000. that's about a 14% fall. to your point, as real yields march higher, we know that there is people that will try to catch that. manus: i am looking at bitcoin

trading around $19,000 u.s., between $19,000 and 19,200, a more narrow range than the volatility of recent sessions. what is the story with it? katie: bitcoin is really making a run for it, up 1% today. it has been up as much as 2%. it doesn't sound like much but on a day we have the s&p 500 down 1%, you do see bitcoin and crypto broadly bucking the trend. typically those two assets trade hand-in-hand. at this point there's been so much pain in the crypto space, bitcoin is the largest coin out there. it is down over 50% year-to-date. the current bout of market volatility, i think a lot of leverage has been flushed out of the market. the marginal seller is already gone. manus: what is katie greifeld looking for this week? katie: i am trying to make it to the weekend. it will be interesting to see what the bond market and the currency market does here.

to see a lot of the stress emanating from those asset classes, you have to wonder how much pain there is in stocks. manus: that pain creeping into equities. amazon's prime day again. the company is offering a two day access sailed on october 11 and 12 ahead of the holiday season. the first time the company has done two prime day events in the same year. this as there is a slowdown in holiday. here to discuss is spencer. what is the play from amazon? spencer: why not? try to slap prime day on it, sell as much stuff as you can. merchants are dealing with an inventory glut. they want to move things quickly and get someone's money before some one else done. we have this race going on with christmas creeping in earlier in the season. manus: is this a surprise to add a second prime day or did we

know this was in the works? spencer: there were some reports. it was the only news, the precise day. they are rebranding it as prime early access as opposed to calling it prime day two because prime day two does not sound fresh enough. manus: you talked a little about inventory. a lot of sellers on amazon had to do a juggling act of supply chain crunch getting things in last holiday season. a lot of it didn't turn up until the middle of this year. what is the risk to sellers on the amazon platform? spencer: the risk is that they do not sell it. i think we will see prices drop a lot on consumer goods, nondiscretionary -- i am sorry on discretionary purposes. they are trying to align with consumer taste. and not of things people wanted the last couple years during the pandemic they do not want anymore. how do you entice someone to buy it if they don't want it? you have to give them a great deal. that will be the danger there,

a lot of merchants anticipating taking haircuts and retooling their product lines to align better with what people are buying now. manus: what has the mood music been from andy jaffe and amazon about the state of the global consumer, about the economic pain we see around the world? spencer: they have not given a lot of guidance or said a whole lot. they are trying to promote their business, be the place to go for deals. be the place to go for your holiday shopping. be a place of convenience and try to stand out. basically it's going to be a dogfight for every consumer dollar. they want to get every one that they can. manus: i remember the conversation you and i were having last year. i was in london at the time. black friday, cyber monday. what does the second prime day event mean in terms of how consumers spend with those other traditional holiday shopping periods? spencer: we do not know if there

borrowing tomorrow's spending today. i think a lot of this is retailers realizing people are coming up against the edges of their spending limits come the holiday season. people are leaning on their credit cards for food and fuel to deal with inflation. come holiday season they may not have a lot of room even on their credit cards, let alone money to spend. i think they are trying to lock sales in when people still have money. manus: what are we hearing from the retailers themselves that have their small businesses on the amazon platform? spencer: they are not expecting the best holiday. they are recognizing there is an inventory glut. they know they are competing against other sellers so they have to pay for advertising stand out. they will have to have good discounts to get buyers to buy. they are not looking for a great holiday. manus: bloomberg's spencer soper , thank you very much. coming up, microsoft's valuation has dropped more than apple's

since the beginning of the year. bloomberg intelligence says the valuation trend could reverse, in part because the software maker is better positioned to survive a recession. we will explore, next. this is bloomberg. ♪

ed: let's talk megacaps. shares of microsoft have dropped about 29% year-to-date, almost double what apple has seen in its stocks. research from bloomberg intelligence finds if you get the microscope out, microsoft is

outperforming the iphone maker in almost every single financial metric and might be in a better position to survive a recession. joining us to discuss is the author of that research, our bloomberg intelligence senior tech analyst. what is the thesis here? >> the thesis is very simple. when you look at the tech space, software has been killed quite a bit over the last one year or i would say nine months because of rising rates. it is one of the highest growth sectors. we think microsoft has been punished unjustly compared to the likes of apple, who has performed better in this timeframe. if you look at the growth profile of microsoft it is better than apple. if you look at the margin profile it is better than apple. more importantly, it is not as dependent or exposed to china as apple is. ed: i think we have a bloomberg terminal chart that shows us the 12 month price to earnings ratio

in apple and in microsoft. microsoft came in a little bit apple is. below apple in recent trading sessions. are investors just more focused on microsoft's near term? what it is doing right now rather than what it could do? >> in both cases microsoft has not disappointed anybody in the last quarter. if you go into next quarter, they have not realized their guidance. the dollar is an issue so translation risk is there. if you look at constant currency growth, we see no reason why microsoft can't grow 12% to 15% in the next two quarters. even if we hit a bad recession next year, we still argue that can grow north of 10% of constant currency. it has a very diverse set of software products. a mixture of all those should allow them to grow north of 10%. ed: if you are into the idea of being recession proof, or at

least better positioned to whether a recession, microsoft and apple do have different businesses. why is microsoft better positioned to weather a recession than apple? >> in the case of apple, most consumers of apple are rich people and they will continue to buy iphones. if you look at the year-over-year growth comparison over the last three years, it is high single digits. when you look at microsoft it is low double digits, at least for that timeframe. even without diving deep, they can surprise on the upside because of cloud or any other region and that is not even counting the acquisition of activision. microsoft is better positioned because of its enterprise presence. ed: there is one key market we are zeroed in on right now, that is china. where does china fit in this idea that microsoft may be

better positioned right now in some sense relative to apple? >> if you look apple it is very exposed to the greater china region. it generates over 20% of its revenues there. more importantly for the supply, a bulk of their phones are assembled in that market. any disruptions because of covid or geopolitical tensions, apple will have a hard time with demand for its products. when you look at microsoft, it does depend on china for expansion of its cloud data centers. other than that it does not generate much revenue away from china. the market is exposed to it from a supply chain a lot less than apple is. ed: we broke some news the other day here on "bloomberg technology" about microsoft's confidence that this activision deal gets done. the market seems to be paying attention. what is your read on that?

>> i think this is going to be a very interesting acquisition for everyone in tech. the general consensus is regulators are going to be very tough on microsoft. that is one reason you see a massive price gap. we will see if there are no major hangups from the regulators, you will see the price gap closing. our analyst thinks the deal is going to go through because of the nature of the deal rather than the size of microsoft or the size of the deal. ed: apple, fundamentals strong, near-term risk, why did you write that? >> the reason we say that is because if you look at apple now, 43% of revenue comes from europe and china, two regions facing economic slowdown right now. europe, we think things will get worse in the near term before they get better.

the second thing we want to point out, the iphone 14 is not a mobile leader, a needle movable -- mover for apple, because the hardware design is old. in most cases the base model the processor is old. next year's model will be a big shift. when you look at apple's install rate of 800 million iphones in 3.6 years, you are going to sell about 220 million phones. we do not see that changing this year that much. ed: crunching the numbers at bloomberg intelligence, thank you very much. apple has begun manufacturing its new iphone 14 in india sooner than expected. production is weeks ahead of schedule after foxconn found the process smooth. apple is expanding manufacturing intentions in china. india has been keyed to make the country into a viable competitor to china in technology and

production capabilities. apple's aggressive push into audio, specifically wireless headphones, has been one of the company's most successful bets. max explains the controversial strategy around airpods. >> good morning. max: for years, investors and fans of apple have been waiting to see if ceo tim cook can release a product to match the iphone. the next big thing could be in your pocket already. i'm talking about these little things, airpods. third-party estimates suggest apple sold around 120 million pairs last year, taking in about $20 billion. the reason for this success also gets to the heart of why apple is so controversial. partly it's a credit to the headphones themselves, but only partly. it was easy to forget that when these were released, reviewers hated them. they did not sound great, got lost easily, not durable, environmentally questionable. they had one thing going for

them, they were easy to set up with the iphone. this was not on accident. it was a combination of coke's plan to expand the iphone to a collection of products. the extras do not do much without the phone and the phone does not work particularly well without them. in 2016 when apple announced airpods the company also made everyone else's headphones worse by getting rid of the jack. normal headphones need an adapter. the company's vp of marketing said this was about one thing. >> courage. max: ok, sure, but it was also about apple's some market power. that makes the company controversial. spotify, epic games, even google says it abuses its power. antitrust litigation will take years. until then apple can extract evermore money out of its 15 years young cash cow, the iphone. who needs the next big thing? ed: thanks to max for that.

remote working during the pandemic has left many new york offices empty. how this trend is part of a larger property dilemma in major cities across the world. this is bloomberg. ♪

ed: the rise of remote work during the pandemic has put new york city at the center of a global property dilemma, where multibillion-dollar buildings sit vacant, leaving property owners in a bind. matthew wong has the details. i am visiting from san francisco. if i stroll down 3rd avenue, there is far fewer workers going through revolving doors then when i was last year four years ago.

>> you see a lot of vacant storefronts as well. a lot of workers are not coming into the office, companies are reducing their real estate footprint because of that. those that look to expand are not looking at an office building on 3rd avenue. ed: we are all still using tools like zoom and microsoft teams. multiple options. when are landlords going to do to fix this, to get workers and companies back into the buildings? >> a lot of landlords are adding amenities, putting hundreds of millions of dollars into their office buildings to add outdoor spaces, new lobbies, elevators to entice tenants. hopefully those tens will get -- those tenants will get workers to come back in as well as we slowly start to see a happen across the city. ed: a long-standing problem, same in san francisco, there is just not enough apartments at an affordable price point. but there is a lot of empty buildings, you just told me. how do we convert and why is it so hard to convert the office

buildings into residential? natalie: that is the question everyone is asking. a lot of the buildings are so big and rectangular with dark spaces that it is hard to convert into livable residential areas. on top of that, there are zoning restrictions that do not allow for these types of renovations to be made. there is no tax or financial incentives provided to landlords to embark on this super costly renovation. ed: that is the building owner'' perspective. what do the tenants want? what are they asking for? >> they want the best and newest places, near grand central terminal, near their peers. the tech firms expanding on the far west side of manhattan. they have a lot of options to choose from. if they choose between a 3rd avenue 1950's building that has sort of been renovated, or hudson yard where skyscrapers have been renovated and

landlords are providing incentives to move in. ed: what was the thing that surprised you most reporting this? >> what surprised me the most was how much this impacts everyone. not just landlords, tenants, but also the city. the city has lost a lot of tax revenue due to the decline in the values of these office buildings. it does not look like it is going to turn around anytime soon. ed: thank you to bloomberg's natalie wong. coming up, he is called silicon valley's ceo ceo. we will talk about -- later, crypto is considered one of the riskiest if not the riskiest asset class these days. the currencies are among the top performers this quarter. this is bloomberg. ♪

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ed: this is bloomberg technology. i am ed ludlow in new york. let's get back to the volatility. benchmarks like the nasdaq 100

continue to fluctuate as economic uncertainty spurs concern. that includes a hit to all corners of the technology universe, making this a tough environment for everyone from mega caps do silicon valley startups. let's bring in alfred chuang. he is known as silicon valley's ceo's ceo. what is your read on the markets right now? alfred: thank you for having me. at race capital, we invest in infrastructure companies. when i saw a race capital's founder in new york last week, we talked about how the crypto market was in worse shape in 2019 compared to today. the growth stage and late stage venture market may have been dampened by the recent market crash. we are seeing early-stage deals

being very strong because of a few reasons. number one, funding is not tied to revenue. market slowdown has very little impact to early-stage founders. when we invest, we look for -- multistage companies, 18 to 24 months of runway. number two, ipo. look at the recent adobe 20 billion dollar megadeal. we can see the next two years will be very strong. that is critical. three, venture capital investors are sitting on $162 billion of cash for new investments. they are driving energy to find the best founder and a lot of early-stage deals. ed: what you are seeing is not risk aversion like we see in the

public markets and the later stages. are you guys ready to spend, ready to deploy capital? or are you sitting on the sidelines? alfred: we are definitely not sitting on the sidelines. we have been extremely active in investing. if you look at the cycle, post 2008, the best breakout companies invested soon after those crashes. really good companies, strong founders bubble up to the top and valuations are rational. you can make bets and drive ownership much easier. this is definitely a good time. ed: you talked about valuations being rational, but there is hundreds of startups out there, potentially more with unicorn status, one billion-dollar valuations. what is the risk we see those valuations come down? that there is a major repricing of startups of a certain size? alfred: this happens in every

cycle. a late stage deal will be highly impacted by the equity market and where it is going because that is where people thought liquidity would be. we also see, going back to the adobe deal, $20 million in size, the ipo could possibly drive investors along the way. i am not concerned because tech is always needed and we are about to see one major revolution of decentralization through web3 of tech applications that will emerge in the next generation. a very good time indeed. ed: they call you the silicon valley's ceo's ceo. you were an early investor in ftx, solano, founded and took public bea systems. give me the founder's perspective. how hard is it right now to be a fledgling startup or a founder with an idea to sit in front of an investor and come away with

cash in your pocket? alfred: raising money is not quite like last year. a founder has to be on their game to have a story about how they were able to generate revenue. thank goodness the word revenue and cash flow matter again. that is crucial in running businesses. the other thing is run rate, cost and expenses. we have seen a slew of layoffs, not because the company could not afford those people, but they are rethinking about how to get to profitability and cash flow positive. we should be seeing good ceo's driving great companies that will last a long time. ed: there are some areas you have a keen interest in, web three being one. we talk about that in such big, abstract terms. what will big tech do when it comes to web three? will they do anything at all? do you think investors are starting to lose a bit of

patience there? alfred: web3 is much more cyclical than a regular market, so you look at the cycle of web three, it is pacing about three years because we saw the last crash in 2019, 2022. you look at regular cycles of eight to 10 years, web three cycles about every three years. the maturation of the technology is moving a lot faster than other cycles. when you look at it, amazon web services, aws from amazon controls over one third of the western world in its infrastructure. that is unheard of, such large concentrated control of internet itself. you have other key players following them combined, they control almost all of the western internet infrastructure. decentralization of internet is greatly needed. we have been frustrated with centralized social media control. the only way to solve it is

technology so this has to happen. ed: before i let you go, let me draw on your experience. you have been through the tech bubble, economic ups and downs. how does what we are seeing now in the global economy compare to what you have seen before? alfred: it was scary at times. in the 2000 bubble, super early-stage companies that were listed publicly and getting trashed. the market had no escape because it was all publicly done. when the rug got pulled it was over. in 2008 was the financial crisis. we were not sure if the banking system was sound. now it is different. obviously we have major issues in the world. we have inflation, rapidly rising interest rates that caused the market to be retreating to the level it is. when they generate 4% we are in a whole different world, from that perspective investment has

to change. from a tech perspective we are going to see insanely remarkable productive applications in the next few years. it will be better than anything ever experienced, it will be a great time ahead. ed: race capital's general partner alfred chuang, thank you. autonomous delivery drone startup zipline has developed a new technology to help its aircraft better identify other airspace users. the company hopes it will convince regulators to open the skies tomorrow drone deliveries. i took a trip to a walmart in northwest arkansas where zipline is trialing the tech and caught up with the ceo. is this about to become a more common site? zipline thanks so. the summit is held in bentonville, arkansas. what is zipline?

providing teleportation as a service to companies, countries, and now directly to homes. we started with medical products. to they -- today we deliver many different things to primary care facilities, hospitals, homes. whatever is needed quickly can be delivered by an autonomous aircraft. zipline launched in rwanda in 2016 and has grown a lot. we were serving 21 hospitals. today we serve almost 3000 hospitals across rwanda, ghana, nigeria, kenya, now the united states and japan. we delivered 1.5 million doses of covid vaccine, 5 million of traditional vaccine, delivered 75% of the national blood supply in a couple of countries, fully autonomously in a way that saves lives and saves countries money. ed: how does it work, loading the drone and going from there? >> when it launches, it is buying autonomously making its

own decisions. it flies to the gps court midst, delivers the package. we use a simple parachute drop meeting anyone can receive the delivery. the vehicle lands, we swap the battery, have the vehicle back in the air. ed: the latest gambit is taking on the u.s. retail and e-commerce markets. >> launching zipline in 3, 2, 1. ed: when the zipline drone shoots off the launcher, it's doing zero to 60 miles an hour in 0.8 seconds. the battery on the drone means it can travel 200 nautical miles technically on paper. they are limited to the 1.4 mile radius because of the faa's strict regulation on drones. this is what the whole story is about, using this technology in the real world. this pilot in northwest arkansas at the walmart store, if you

live within the 1.4 mile radius, you can order hamburger helper, toothpaste, q-tips, an orange, whatever, and they will deliver it. to get regulators on board, zipline is hoping that a new sound-based technology will give other area users more confidence that skies full of drones are safe. explain to me the basics of the technology. >> it stands for detect and avoid and is a core problem for the united states airspace. when you have a busy airspace, you must be able to guarantee a two mile clear hockey puck around the vehicle. there is no good solution. we have tried using radar, lidar, but the systems are heavy and a lot of times don't work. zipline is using a microphone array, an extremely weird practical approach that we thought was impossible when we started working on it. when you are flying fast,

microphones pick up ambient noise. you have to manage the noise of your own propellers. you are listening for something within two miles of you. the amazing thing, by using intricate mechanical engineering design, different ways of designing the microphone array and combining that with signal processing and neural nets that can listen to the sound from the microphone, we can determine not only where a vehicle is but the exact make and model of that aircraft. we think this will have a big impact on autonomy in the airspace, not just for zipline. ed: will this new tax takes zipline mainstream? bloomberg analysis suggests drones will only be economical in highly specialized situations, like surveillance or mapping. his delivery in the retail market the biggest opportunity? >> there is a global transformation coming in

logistics, away from heavy slow gas combustion vehicles towards light, fast, electric, autonomous. it's our mission. our exclusive focus is on approximating teleportation to companies. ed: coming up, stocks, bonds, commodities are all in the red since june. cryptocurrency is with the dollar as a top-performing asset this quarter. this is bloomberg. ♪ this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn.

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ed: as currencies around the world fluctuate, the sterling

dropped to a record low against the dollar. there is widespread pessimism rocking markets. the currencies that have performed well, pretty well. what does this mean? our correspondent is here to explain the relative performance. i see volatility everywhere. i see volatility in crypto. if you dig a little deeper there is some outperformers. >> it's really interesting to watch the last couple of months. even though there are a lot of folks in the market that are worried crypto will break below the 17,500 mark, you still have the last quarter since the end of june crypto doing well overall. if you look at this specific index, an index of a hundred digital currencies tracked by bloomberg. you are looking at the crypto assets 100 index. it has added almost 7% since then, pretty close to a second performer there. that is the dollar at 8%. gold has fallen in that time, so you're not looking at those

classic risk havens performing all that well here. there are some interesting questions about whether that will continue. crypto has fallen meaningfully this year. i did not want to make three months a trend, but it is something that has not fallen below that lower bound earlier this year. ed: not a trend necessarily, but we are looking for the direction of travel. sandbank men, somebody you know well, has been tweeting. boy, was the world thinking differently about crypto price moves. they measured it versus world currency baskets instead of just the u.s. dollar. >> that is a great point because over the weekend when we saw massive fluctuations in currency, you had the crypto crowd stand up and say, what does this mean for cryptocurrency?

when you work in a country where digital assets can be less volatile than your actual currency, in argentina people flocked to a digital asset in a meaningful way, even el salvador. what does the digital asset mean? it means a lot more than if you are living in a much more stable nation. ed: there are still some dissenting voices, some louder than others. i am thinking of jamie dimon, ceo of jp morgan. what did he have to say recently about bitcoin? >> if you are looking at traditional financial world, bitcoin looks like a decentralized ponzi scheme. that's what jamie dimon told regulators and lawmakers. let's think about what crypto has done and what it looks like. we have inflation protected bonds of. why does that matter here? crypto has long been pitched as an inflation hedge. for the people that say that as an inflation hedge has fallen apart, so has vix.

those are inflation protected bonds. that was a hedge fund favorite this year. you see both traditional finance and defi hitting a roadblock in terms of what crypto means for people. ed: we just had the merge. what is the next calendar event the crypto world looks forward to? >> you mentioned the merge and ethereum continues to be part of that outperformance in the next three months. to what extent does that filter into other assets? do we see that same love in other proven stake networks, solano? there are a lot of things happening in the community. we talked about it here on bloomberg as well. the tangential assets we are looking at. ed: sonali basak, thank you. coming up, a delay in depositions. they push their depositions before the october 17 buyout trial.

we bring you the latest next. this is bloomberg. ♪

ed: three weeks away from the court showdown between elon musk and twitter. starting october 17th, a delaware judge will decide whether the world's richest person has legitimate grounds to walk away from a deal from -- a deal to buy the platform for $44 billion. monday was supposed to be a key moment in the lead up to the trial but it did not pan out that way. joining us to discuss, kurt wagner. elon was supposed to be deposed it did not happen. monday. what happened? >> both elon and prague are trying to reschedule their depositions. elon was scheduled to be deposed in delaware.

the ceo of twitter was going to do so in san francisco. in both cases it seems like the timing is not right. we are told this is not super rare in a situation like this, but what makes it interesting is the trial is three weeks from today so there's only so many days they can push this thing. ed: i want to bring up this chart in my bloomberg terminal, which i feel like i have looked at for years but probably just months. it shows the current share price versus the $50.20 a share that musk originally offered. the idea is as the current share price gets closer to that offer rice -- price, the market is indicating it things the deal will get done. monday was weird. when we got news the depositions work delayed, the stock shot up

and came down again quickly. there was speculation in the market that we might be talking about a settlement behind the scenes. it is not clear. what do you make of that? >> obviously when two key players push their depositions, as you pointed out, you can see people jump to a conclusion. we have not heard anything about a settlement. my guess would be if there is a settlement, will come closer to the trial. both sides want to figure out what information they can get from the depositions. they do not want to come to a settlement without uncovering every rock. i think because there are so many people they still have to talk to, it seems premature at this point. as you point out, a lot of people probably saw that news and thought that was interesting, why are they pushing the depositions? maybe there is something behind-the-scenes. ed: the countdown is on, three weeks to go. what happens next? >> a lot more of this type of stuff, behind-the-scenes lawyer work. teams for both musk and twitter

are trying to position themselves with the judge. there will be a hearing tomorrow to find out who can be deposed and who cannot be. they are still fighting over stuff like that. there is a lot of jockeying for position. may there will be a settlement discussion aggressive -- discussion again as we get closer. for now both sides are putting together their cases in the pretrial preparation stage. ed: are you excited for our trip to delaware? >> i am ecstatic. a busy week but it will be fun. ed: kurt wagner, thank you very much. that does it for this edition of "bloomberg technology," tuesday we have the ark at best cheap investor to share the latest on their investment strategy. . forget to check out our podcast on the terminal, on apple, spotify, and of course iheart radio. this is bloomberg. ♪