>> from the heart of where innovation, money and power collide from silicon valley and beyond, this is bloomberg technology emily chang. ed: i am ed ludlow in new york. this is bloomberg technology. in the next hour, mark zuckerberg warrants meta employees that restructuring is on the horizon. the company implementing a hiring freeze and will shrink teams to shift energy to other areas. we will share more of the transcript obtained by bloomberg. apple gets downgraded following bloomberg's report about iphone production. now we are learning of a high-profile executive leaving the company after a crude tiktok went viral. we've got a talk about the selloff across financial market.

the s&p 500 drops to a 22 month low as the fed hocks circle. big tech takes a beating. this get straight to the marking with katie greifeld. katie: it was a cell or risk kind of day. the rally we saw yesterday? forget about it. s&p 500 down by more than 2%. it is just a cascade of bad news. nasdaq off by even more. your big underperformer was the philadelphia semiconductor index off about 3.3%. all of that coming against a backdrop of higher treasury yields. let's look at some of those single names. apple falling after one of the most senior executives at the company left after that crude tiktok. the bulk of those losses came after that. rare downgrade from bank of america. moving on, we had some news from micron. we got earnings after the bell. they came in weaker than expected. we had a weak forecast.

micron saying sales would be $4.25 billion, under -- versus expectations of $6 billion. shares dropped 4%. you can see a little bit of a push higher after hours. ed: i want to stick with that micron conversation and bring in joanne feeney, advisement capital management manager. give me a second while i bring you some of the headlines. micron seeing fiscal first quarter adjusted revenue $4.5 billion. the estimate was $6 billion. some commentary around the slowdown in demand and supply catching up is astonishing. we are down more considerably compared to losses. what is your read on what we are seeing? >> strictly, investors were expecting a week guide from micron. they are reassured that micron is cutting by 30%. that's what investors are looking for. it indicates that micron will be

careful. we have supply from memory makers and not enough demand because of the weakness. they expect pc shipments to be down 15% related to memory. they are taking the right steps. that shows you that memory is a tricky place to invest. it is very cyclical. ed: we look at micron as if it is a crystal ball. what is the story when it comes to consumer electronics? which geography are we most concerned about? >> worldwide slowdown in consumer demand. micron is going to pick that up. the real question is what is happening beyond the consumer? we still have a lot of data points, auto and industrial remain strong, there is still shortages, it will take another year to work through. texas instruments are well-positioned. the real question is people are going to be looking for is what is happening to cloud and data centers. there are concerns that firms

might slowdown investments. the long-term fact in the world is that data usage across devices is going to continue to increase. we need more storage. ultimately, companies that play into that area, while they might suffer a pause are going to be well positioned in the long a lot of them have gotten cheap. ed: how did we get this so wrong? i remember talking to you and ian king about the vision for a multi-quarter cycle that would go on indefinitely. this would happen out of the pandemic, but that has not happened. >> i think what we got wrong was there was so much spending during the pandemic. that came on the heels of a very strong period of 2017-2019, up until the pandemic. there were signs that it was starting to build before the pandemic hit. and then it got disrupted. so now we are starting to see

that price come off. let's not misconstrue the implications. cloud and data remain strong. there are concerns that firms may take a pause about one they will do installation. that ultimately does look like a strong segment of the market. you have to pick and choose semiconductor companies. ed: i love talking to you because you have spent a lot of time looking at the semiconductor industry. you are an expert but also looking at the markets more broadly. the nasdaq 100 down significantly with four days into the week. we are heading towards another tough week in global equity markets with a focus on tech what is top-of-the-line for investors? are we still not convinced by the direction of travel from the fed? are we concerned about global slowdowns spurred by inflation? what's the story? joanne: there is a real risk for the global economy. the war in ukraine is not trivial. there could be big risks from that. the energy situation is a

concern. the amount that central banks around the world have to raise rates is a concern and will that lead to recession broadly. the broad slowdown folks are worried about has yet to resolve itself as to how deep and long it will be. investors are concerned about how much volatility they can stand. on a long enough horizon, you have to look at history and recognize the markets that selloff the most tend to be the -- be before recessions begin. so for a long enough term investor, one year, two years, three years there are good , opportunities, but one has to be able to stomach volatility which does not like it is going away. ed: stomach volatility should be my daily job title. advisors capital partner, thank you. this get back to our top tips story. meta announced a hiring freeze. warning employees. it's bring in kurt wagner who

broke that story. but also our senior analyst mandeep. i want to start with you. set the scene for us. what did we learn on thursday? >> this was during a q&a that happens weekly between zuckerberg and all employees that meta. he said, i promise you i would come back with ideas about where the budget is headed for 2023. the big news, there is going to be a hiring freeze. it sounds like most teams within meta are going to see their budgets reduced next year. how exactly that is going to play out with each individual team is going to be different. in some cases when someone leaves, they're just not gonna fill the role. some people are going to be moving from team to team. in some cases, they will be kicking out low performers, which is a pretty drastic and we haven't seen at facebook ever. this feels like a moment, this company has been growing and

expanding for 18 years, finally hitting an issue. ed: i want to show you some of what mark zuckerberg told employees thursday. these comments obtained by bloomberg news. there are a number of ways to reduce the size of a group, some teams will transfer people. a lot of teams will choose not to backfill. ultimately, he used the word shrink. two questions. this is a company that historically has not reduced headcount, but what is the reality of what we are talking about? >> we didn't get specific numbers. last week, the wall street journal had a report that meta might cut costs by 10%. that was unclear. if that was just headcount or other things. as you point out, this is not a company that has historically ever done sort of thing. any idea of shrinking that headcount from 2022 to 2023 is a huge deal. last quarter they added almost

6000 employees, right? the idea that they're going and the other direction is pretty notable. ed: let me bring in mandeep singh. this is a company that faced the headwinds on the bottom line and the top line. what is your reaction? >> the one thing is we know every company in the spaces doing that. we heard that from alphabet and snapchat. it's not a total surprise they announced a hiring freeze. the problem is we do not have visibility as to when the top line growth will reduce. -- resume. not only because advertising is going through a downturn but also the challenges that are meta specific. the pivot to videos, the apple changes, the largest exploitative direct response. the reality labs losses, they are really hurting. facebook's meta free cash rent to less than $10 billion this year. that is huge.

if you are an investor, you are thinking, when will that return? i do not think we have that visibility. ed: i pulled up meta reality labs. last quarter, sales grew to 450 million. but the loss was almost 3 billion. this is part of their pivot to the metaverse. is it just that it is becoming too painful of a cost? the line -- of a cost? >> you have to ask, what are they spending $3 billion a quarter on? is it going on product? adding employees? it looks like. they clearly over hired over the last two years, but the recurring losses are mind-boggling. the scale of the losses. when you compare it to alphabet or snapchat which are investing in the metaverse or the rvr --

ar/vr, doesn't show up. that is where meta has to show investors what it is they are spending all this money on. ed: what do we know about what zuckerberg had to say as the reason behind this? why now? why are they doing this? >> you pointed to the macroeconomics environment. this is something we have seen a lot of these tech companies, especially advertising based tech companies talk about over the last couple of quarters. there is inflation, there is war in europe, you see all of these things colliding and often times when there is a hint of a recession, the first budget that tends to go is the marketing budget. when you are making money from advertising, it can be cyclical with -- that is why we see a spike at the holidays. same thing. when there are reductions in market and spend because of things going on, companies usually feel it first. that has been a lot of the reasoning for why they are cutting back.

ed: there is also the other strategy which is to go after video. in a crowded field with tiktok and youtube, you and i have been discussing how the ad side of that business is tough. why? >> not only have you got tiktok, there is netflix, which is trying to get into ads. amazon has been doing well. clearly, this field is getting crowded. meta's problem is not only are they losing engagement, the time spent on meta, instagram and facebook is declining. even though their daily active user growth is holding of, time spent is declining. the impressions growth is going down. add pricing is going down. that is a double whammy. that is what pivoting to videos is just the wrong time because they are behind tiktok and other platforms and it is going to take more time. they do not have the creative based tiktok has. they're going to have to bring

in the creators. they're going to have to be a revolutionary model that is going to eat into their growth margins. a lot of problems in terms of making this pivot now. they should have done that before. ed: the battle for eyeballs continues. thank you to you both. coming up an apple executive ousted after a viral tiktok. this is bloomberg. ♪

ed: more bad news for apple. shares plunged by 6% thursday,

wiping $120 billion from its market value. bloomberg has learned one of the company's senior executives is leaving after a tiktok emerged of him making an off-color joke. bloomberg's mark furman is here to explain. what did you learn? >> today we reported tony blevins, apple's longtime vice president of procurement, been at the company 22 years, he is leaving after he appeared in a viral video that aired early this month on instagram and tiktok. in the video, he made crude comments. this is an account by a creator named daniel mack. he goes up to people at car shows in beverly hills and asks if they are driving an expensive car but they do for a living. levin's response was clearly not in line with what apple felt was acceptable, leading to his departure. ed: senior executive, head of

procurement for apple. that is a massive role. what projects has he been involved in what deals has he , done for the company? >> blevins has been head of procurement for apple. he does all of the supplier and partner agreements for many apple products, particularly the iphone, ipad and other devices. i will give an example of the globalstar deal apple did earlier this month as part of the new satellite emergency sos feature for the iphone 14. that was overseen by blevins. blevins did the complex negotiations related to apple sourcing 5g qualcomm mode latest iphone unit. he did deals with intel. samsung display, imagination technologies. any big supplier you have heard of, it was his responsibility to get those components ahead of the competition and at better prices than the competition, leading to apples strong

margins. some people in the company say he is irreplaceable, given how important he was to the bottom line and there product roadmap. ed: what we know about how apple dealt with this issue internally and what has the response been to our reporting? >> the video was published on tiktok on september 5. after the video became public, which by the way it has well over one million views, i would quantify it as viral. people within the apple operations and procurement organizations reported the video to human resources which enacted an investigation. we are told this month that jeff williams, apple's chief operating officer, made the decision that blevins would be leaving the company. today i spoke to him, he issued a statement which is in our story, it's a formal apology you can read in the article itself. i spoke to apple as well and apple confirmed blevins would be leaving.

ed: those are the latest details on that report. mark gurman, thank you. we will be right back. this is bloomberg. ♪

ed: amazon boosting pay for hourly workers in the u.s.. the on-time retelling giant says the average starting wage for employees in warehouse and transportation to $19 an hour. bloomberg has learned amazon will close all but one of its u.s. call centers and shift hundreds of office employees to remote work. that move would help save money on real estate. there are headwinds that amazon's m&a ambitions elizabeth , warrens of massachusetts says she and other lawmakers have asked the ftc to reject amazon's proposal to buy

irobot. last week the ftc asked amazon and irobot to send additional information about the proposal. wednesday, amazon's senior vice president and advisor told me he feels confident the deal will go through. softbank group has begun laying off employees at its vision fund. sources say softbank expense to -- expects the cut at least 30% of its staff. the london-based visions fund unit had 500 employees and recently posted a $23 billion loss with most of that coming from a plunge in valuations. there confident despite a lackluster ipo in germany thursday, they just eked out again turning its trading debut with the ipo valuing the company at $73 billion. it cfo told bloomberg the company can beat its revenue target for this year despite the difficult macroeconomic situation.

here is some of that conversation. >> we have successfully mastered one of the biggest, largest ipos in europe ever. we are very proud and i would like to say thank you to our entire team. whose work has insured that we can stand here today. >> i cast my anxiety to 2018. four years ago. you came out and said maybe we should ipo porsche with the market cap of 80 billion euros. there was pushback internally and externally when you came out with that. do you feel vindicated? >> absolutely. the top five over four years. that we succeeded, now we can stand here. we are very happy and we see further potential for the future of our strong brand. >> how are you going to cooperate between the parent company volkswagen and porsche?

you have more independence now but historically there has been tension between the brand spirit -- and portfolios, how are you going to make sure the synergies work? >> we negotiated corporation contracts. we regulated that porsche has 100% autonomy in the future. completely independent from vw. it is a great situation for us. we want to unlock porsche's clinical -- critical potential. there's a possibility in the future to work together with vw. that is beneficial for porsche. that's the case when it comes to technology. also for emissions, buying

purchasing volume, using production capacity like the cayenne. >> talking about production, you have the factories in germany your producing in slovakia. where you build out the factories of the future for porsche? >> hopefully germany. and slovakia. that's the plan. ed: that was porsche cfo. what is interesting, last year the electric porsche outsold the traditional 9/11 but what is also interesting, porsche promising you purists out there that the 9/11 will remain a gasoline vehicle. the 9/11 will still be running on gasoline for years to come. interesting. tweet me. coming up, apple's selloff worsens after the report about iphone production. a wave of analyst downgrades. later, car inventors formally of

andreessen horowitz shares a new poll on crypto in regards to this november's midterms. thinking about where we go on policy and where we go about regulation. we will bring you that crypto conversation, next. this is bloomberg. ♪

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ed: welcome back to bloomberg technology. india plans to boost financial incentives for manufacturers in the country. it offers makers of library -- laptops and tablets. it is part of an effort to challenge china that the main took -- tech production. the plan is to offer as much as 550 million u.s. dollars per manufacturer according to a document seen by bloomberg news. apple recently started making the new iphone 14 in india earlier than expected following a smooth production rollout. sticking with apple, the iphone makers shares dropped again when it was hit by a rare downgrade. here with the details. >> we saw apple fall almost 5% after the downgrade from bank of america. wiping out close to $120 billion

in market value, sounding the alarm over concerns surrounding a weaker consumer the noun -- demand and concerns that the u.s. is trading so strong, apple dollar generates more than half of its sales from overseas. that is really hitting shares today. there was a bank that came out disagreeing with that downgrade. that firm upgrading shares on apple -- its rating on apple to buy from neutral saying that they are seeing strength and demand from iphone 14 purchases primarily the pro and the ultra watch. really kind of seeing value over the near and immediate and medium-term. and looking from a broader standpoint over the last week, we have seen apple shares falling under market pressure after a bloomberg report that the company was pulling back on plans to ramp up production of the iphone 14. wall street has been disagreeing in the past few days about

whether consumers are shifting toward buying iphone 14 pro and promax as opposed to the low basic entry-level iphone 14. ed: thanks. apple has one drag on equity markets. the nasdaq 100 fell almost 3% on thursday. global investors are bracing for central bank policy tightening. and a slowdown across the economy around the world. private investors are bracing too. for more on tech and venture capital, let's bring in our next guest. what is going through your head right now? when you sit at your desk and you look at the world, what do you see? >> i definitely see a change in excitement across the venture market. generally, what venture capitalists believe is that we are bracing for winter yet again. this time around, it's really

that the crystal ball going into q1 and q2 of next year is unclear for most of us. some of us are breathing a sigh of relief that many of our companies have a war chest of cash on the balance sheet for now. we are bracing for winter. we are not exceptionally excited about the ipo prospects so we want to remain bullish. ultimately, it's an assessment of where will companies go and how will they control spending money going into the rest of the year? ed: i'm taking a look at some of your firm's portfolio companies. interesting names. that's another perspective, when you speak to the founders and executives at these firms, many of them sizable periodic what is -- what is your advice to them in this market? >> many of the companies in our portfolio are late stage preparing for an ipo. we believe there's a three step formula for companies preparing for an ipo going into the remainder of the year and q1 q2. those three things are that they

have to have a compelling tailwind story that will project them really high going into being a public company. for example, trip action is going to ride this deliberate tailwinds and prepare for their confidential filing. overall, that tells a compelling story that for number two on the list is show value creation to retail investors that once they buy into an ipo, there is only upward mobility from their. number three is that they control spend and remove the obvious nature of the unprofitable and show the path to profitability if not right before the ipo, then after. those of the three things going into late stage companies that we are directing them on. ed: you are a venture capitalist and we are thinking about the fed's higher rates. how brave a decision is that to sit on the sidelines right now and not deploy capital?

>> right now, we are all saying -- bracing to say we can wait just a bit longer. there will be a lot of questions coming from the limited partner community investing in these venture funds going into q1 of next year if many of us do not deploy capital for the remainder of this year. for right now, we are all just comfortable sitting tight and saying we're here to support our portfolio companies so the end of year is really strong and focus less on where the fed is going with a higher interest rate hikes and saying, let's just control where the balance sheet is going, sit tight, many of them still have hiring freezes. stop spending money on crazy r&d projects to ramp up the year. ed: do you think we get to the -- ed: is this a multi-quarter phenomenon? do we get to the end of this year, first quarter of the next and things change or are you

battling down the hatches longer-term than that? >> i would say we are battening down the hatches longer than that. i don't see much of the dismay going into q2 of next year but at least q1. we will have a retrospective look on 2022. once we get into the first quarter. overall companies will at least be able to display that they control spend it, they cut costs where they needed to and shows the growth will continue. but i don't think it will be more than a neutral until we go to q2 or now that we have a handle on our balance sheet, we can rev up where we have controlled all of our costs in 2022. a much more bullish -- i am much more bullish of our q2 trajectory from here. ed: there's a term that we have banded around a little bit, the ipo winter. is there an ipo winter for tech? >> i absolutely think so.

we are all really excited and we are a bit of a bias for products such as instacart that will be a shining store or may be trojan horse for other companies that are comparable to go public at that time frame in the q4. but that ipo winter is going to be freezing, chilly and it's going to go into the second half of december. if we don't see any ipos by late november the first week of december, i would say it's going to be quite cold going into q1. ed: kind of like your refreshing honesty. if we think back to the beginning of 2019, we just really overvaluing growth. >> we were overvaluing growth in the move of profitability. i think companies -- that is what startups are fuel to do.

now we are seeing the aftershocks that are going to be. right now, companies are pricing well below 10 x forward revenues. that's a healthy place for us to be and that's going to take another two or three quarters to recover from when it comes to valuation stabilization. at this time, companies are terrified of taking evaluation haircut. there agreeing to pretty aggressive investor friendly terms and rounds of funding today. at: -- ed: what a pleasure to have you on. coming up, as voters head to the polls in november how will the results impact blockchain policy? we will share the results of a survey about that, next. this is bloomberg. ♪

ed: time for our daily crypto report with sonali basak. >> we are going to talk about the intersection of crypto, web three and politics. there's a new pullout -- pole out, and more on those findings is how the chief policy officer. thank you so much for joining us. i'm curious because you have about 800 people that you surveyed. was there anything early surprising to you? we know that more money has been

going into crypto lobbying. we know this will be seen as an issue for lawmakers. what was different here that you didn't expect to see? >> there were a couple of real standout issues going into the midterm elections. we recognize the next congress is very likely to write the rules that will define policy for the next generation of the internet. it is critical for those policymakers to know what americans are thinking as they embark on that process. the first big take away for us is the web three voter is now a significant constituency. if you think historically about the role that organized labor has played in u.s. elections and it has been consequential role, we have 50% more voters in these key swing states that hold digital assets than a union card this is a very substantial swath of the electorate we are talking about. the second big takeaway is that this is an issue that is pre-partisan or bipartisan.

there are substantial majorities of voters that say they will vote against or less likely to vote for candidates who are not in favor of or supportive of constructive policymaking around the future of web three. >> on that note, you think about this is either bipartisan issue on the one hand, voters seem to , be more likely to oppose candidates with standard policies but they are leaning towards democratic senators. why is that the case? traditionally, the democrats a -- have been tougher on the financial industry and technology. why in this instance are you expecting that not to be the case? >> as a group, web three voters tend to be younger, more diverse, and solidly middle-class. and a couple of those categories, you do see close alignment broadly speaking with the democratic party. the fascinating thing to us on

the whole is the degree of unanimity that we find across party lines and across ideological lines when it comes to these results. this is one of the last bastions of true bipartisanship in american policy. the other critical think that i will highlight is over 90% of the voters that we surveyed were in favor of the core principles that underlie web three. we are talking about we talking about digital platforms that are community owned, community governed, and give individuals a greater say in how their data is used. >> on that note are we talking , about crypto more largely or tokens or web three? what part of the spectrum are voters really interested in seeing more policy towards? >> over 75% of voters feel that big tech has too much power in their lives. they're looking for an

alternative to a digital framework that isn't working very well. it is neither desirable nor sustainable and growing numbers of the electorate are cluing into that. what we see is that there is a broad appreciation of the potential that web three has to create an internet that gives more opportunity to more individuals and democratize is access to a lot of the financial and digital tools that have historically been the domain of small numbers of people. voters are responding to that in a big way. >> do you think that in any fashion this will be a single issue voter situation, given so much else is happening especially in the economy when you see people worried about inflation and a war going on. what extent does this fall into the other issues happening in america today? >> for a subset of voters, these

are very strong views. they are passionate about technology and the need to build a better internet. the need to develop a new digital architecture that is going to meet their needs better than what we have today. beyond that, this is the early days of what has the potential to become a very large and powerful constituency in american politics. it is unlike anything we have seen before in that it is simultaneously an industry but also community. that convergence is creating big opportunities to think differently about how we define policy in this space. >> the midterms are right around the corner. the second term of a bidens terms. to what extent do you expect to see serious movement that has been promised from lawmakers for many months? >> we are already in a

remarkable position when you consider where we were two years ago. the fact that we have a very serious bipartisan pieces of legislation working their way through congress. very serious executive order that is forcing a whole of government approach all of these are promising signs. we have a long way to go in my assumption is that a lot of the legislating is going to fall on the shoulders of the next congress. the fact that there is a real opportunity to create the cornerstones to establish the cornerstones of what this new digital policy framework will involve is something none of us should take lightly and frankly, why these elections and the voters that decide them are so important. >> thank you so much. on the heels of your new survey out. back to you. ed: coming up, a ceo explains

the next iteration of sequencing technology from the companies genomic forum. this is bloomberg. ♪

ed: this week lumina is hosting a forum in san diego. it includes speakers from barack obama to bill gates. this week, it announced its new sequence technology and more than two years. it says it can read a person's entire genetic code for as little as $200. here for an exclusive on the announcement is the company's ceo. talk to us about what's gone into this latest iteration of sequencing tech. what have you done to update it? >> this is a huge step forward

in our technology platform. we redid every part of the sequencer so we invented an entirely new chemistry. we invented a whole new up system including the glass we needed for the lens did not exist in the world so we had to invent new glass. we have invented a whole new data path with high-performance compute on the machine itself. this has been a ground up redo of our sequencer platform so we could get a major step change in terms of performance and bring the price of sequencing down to the market. we are also able to make this more sustainable product and eliminate the need for the cold change. before that, you needed dry ice to ship the reagents to run the machine to the labs around the world. you don't need that anymore. this makes the sequencer accessible to countries around the world that don't have access to it.

it's a big step forward in accessibility. ed: your ultimate goal is $100 genome. you are now at $200. is this you playing it safe? >> our strategy has been to drive the prices down and we have done that over the course of many years. when we first launched in 2007, the price to sequence one genome was $150,000 and that was a breakthrough price in the market. we have gone from $150,000 to $200 per genome. from 2007 until today. greater than 99% price reduction. we are not stopping there. we believe to make you nymex -- to make it accessible to everybody and have the difference in health care it can we need to keep going. , ed: does this again make you the tech leader, the leapfrog -- do you leap frog back to that position of leadership? we believe that in order to move

the market forward, we need to drive more innovation to make sequencing accessible. at this point we believe our products represent the best value proposition to customers in terms of performance and price. the reality is we are very early in this market. if you think about the market opportunity in front of us, we still have largely untapped the medical need for genomic sequencing. the vast majority of the market is still in front of us. there's a lot of innovation to do to open up the market. ed: i want to ask about the reality of this for your customers. we are talking about labs, sophisticated labs. $200 genomes, but it's an expensive cost for them. what have your preorders been like, what is the initial interest from your customer base? >> the early response has been phenomenal. we gave us the eked a few customers before we made the announcement this morning.

everything -- the one of them is preordered. a few months from now, taking orders between now and then. their response has been strong. people really appreciate the price reduction. people love the sustainability. reducing the waste and the plastic. we had a couple of customers in tears come about the fact you no longer need a cold change. this product is available in parts of the world that did not have access. your 7 billion -- ed: your $7 billion deal was vetoed by the european union. in this stage, do you give up? >> the deal is an important one. we invented it as a blood test that can find 50 types of cancer across stages. that is life-changing because we know 10 million people per year die of cancer. and if you catch it early your odds of surviving are so much

higher than if you catch it late. 70% of the people who die from cancer die from it late stages. by doing the blood test more broadly, we believe that this has the potential to save many lives around the world and we can roll out more broadly than on its own. we are going to continue the process to see if we can win an appeal with the european commission. ed: it's a pleasure to have yuma program. does it for this edition of bloomberg technology. don't forget to check out our podcast, you can find it on the terminal, apple, spotify and i heart. this is bloomberg. ♪

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