>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang.

♪ emily: i'm emily chang and san francisco and this is "bloomberg technology." coming up the next hour, twitter is shrinking. you on musk is laying off the workforce, -- elon musk is laying off the workforce, doing away with 3700 people. in the meantime, brands continue to pause their ads on twitter and musk is doing away with policies like a once a month rests and more. we inch closer to a future with driverless cars. we talk about the challenging road ahead with the ceo of aurora. and another tough day for peloton after revenue fell short of expectations. still, the ceo is confident that his turnaround plan will work sooner than expected. we will discuss. all of that in a moment.

first, i want to get a look at the markets. let's bring in ed ludlow to walk us through the day. ed: a pretty furious part of the earnings season we are going through. smaller companies, block, formerly known as square, an impressive quarter from them. this is jack dorsey's other company. 10.5% after hours, a strong performance on the bottom line, gross profit coming in above the street expectations, cash app, which is what block users use to purchase money or stocks and crypto, registering strong growth on the bottom line. doordash, up 13%. not the story that we were expecting. no signs that inflation is the tearing the consumer from -- deterring the consumer from spending money on take out. i don't know about you, i haven't been doing much, i would love to, but also the coinbase is up with paypal lagging, down 7% in after-hours trading.

revenue during the quarter did gain 12%, which is slightly ahead of what the street was looking to, but it is the full year outlook they zeroed in on. revenue will be at $27.5 billion below what they expected away from earnings season. the markets of the day were about the fed on wednesday, raising rates. the commentary that rates will remain higher in the face of inflation. the market is talking about recession fears. the nasdaq 100 down for its fourth consecutive day, the lowest level since july of 2020. the semi conductor index weaker as a yields continue to push higher. what was the craziest story of the day? it was peloton. let me take you on a wild ride. we opened down 16% after the company said revenue in the last three months of this year would be between $700 million and $725

million, well below street expectations. the chart tells the story, closing up 8%. that is a big hill climb. you know, even more impossible than some of the hill climbs in the peloton classes you and i have been taking in the last few years. a really astonishing story. beyond that, breaking news crossing the terminal after hours and yes, more names freezing advertising on the twitter part form -- platform. general mills, howdy, pfizer, all pausing their twitter ads. little reaction in the stock listed shares of those companies. this report last week from bloomberg that general motors has paused ads on the platform. you will remember l'oreal had issued a statement earlier in the day they had not in fact paused after the poll overnight from the times said they did.

either way i advertisers are trying to work out what's going on inside of lawn musk costs twitter. emily: lots to digest there. i want to dig into the layoffs happening at twitter, elon musk planning to lay off 3700 people, half the current force. our sources telling us he plans to tell the workers who will be affected on friday. kurt wagner, critical, reporting on the latest twitter developments. kurt, where are these jobs going to come from? what do we know? kurt: it's companywide, not necessarily in any particular area. the one thing that elon has stressed is that product and engineering seems to be where his focus is. it's possible that could be less impactful than something like policy, legal, things like that. but you know this is a part of his strategy to get the company into a better financial situation. he paid $44 billion for twitter,

huge debt payments, interest payments they have to start paying off and a part of his plan is to cut headcount. emily: so how are twitter employees feeling right now? the acts -- axe is coming down on friday and no one knows if they will be cut yet? kurt: that is right, and not only that, they haven't heard from any other leadership. right? everyone is talking with their managers mother has been no company about as companywide managers at all. the c-suite, all those folks were fired last week or early this week. if you are a twitter employee , you are getting your information from other media outlets like bloomberg or twitter. that's where you find out what's happening at your own company. that's unsettling for a lot of people if they are sitting around wondering if they will be employed by the end of the week. this is a stressful time

internally to say the least, and we look at employees looking out for each other, trying to give best tips for layoffs, take care of each other, the company doesn't seem to be doing it for them. emily: meantime we just got a headline from dow jones at a number of prominent advertisers are pausing ads on twitter. do you think this is going to become a bigger thing? we talked about the potential for a boycott. does it get to that? kurt: this is what we were talking about yesterday. i think that the chance of a boycott not only seems possible but also a big deal. when we saw this happen with facebook, all the key executives , the sheryl sandberg's, those on the business side, they did damage control four days. and we are not going to see that at twitter because the people at the top of the company are gone. when you have these big advertisers and twitter is a relationship driven advertiser business because they don't have that intimate direct response

type stuff, we have the big advertisers being cautious or putting things on pause because they don't have those people inside of twitter who can reassure them like some of these other big ad companies might. i think it is a dangerous thing that is happening here. emily: tell us what we know about how decisions are being made, who is making them, and how things that are being communicated are actually being communicated? kurt: what we know that elon musk is making the decisions and the best i can tell is that things are being done quickly and haphazardly. even this change to raise the price of their subscription product to eight dollars, they are going to add some new features including the blue check verification, you know we saw him kind of like work shopping this publicly on twitter. tweeting, hey, would you pay for this, how much, what features. then he announced it the next day.

we are seeing a small's group of folks, venture capitalists, that are advising him, but it feels like he's sort of making it up as he goes along. as i mentioned, not a lot of messaging coming from the top of the company at all. so unless you are in a particular group working are not specific problem for him, you don't know what's going on at the company. emily: all right, kurt wagner, i will let you get back to the phones. all of the ways that you are breaking this news. thank you for the update. coming up, why silicon valley is on a post-pandemic health care spending spree. that's next. this is bloomberg. ♪

emily: last month the venture capital firm crv announced $1.5 billion in funding across two funds, meaning more dry powder to take advantage of valuations. but how are firms thinking about how to deploy the cash in a long downturn? our guest at crv joins me now. how is that cruz strategy evolving in the midst of the downturn? what are you all talking about around the partner table? >> around the partner table we are talking about how we are continuing to play to our strength. crv has been in business for 52 years and focused on backing founders in the early stages.

we are continuing to do that, investing in the early stages, partnering with founders making game changing companies. emily: are you waiting for valuations to come down and are you finding enough places to put the cash, given so many companies out there struggling? >> valuations are compressing across the board. you mentioned folks in the public markets that are seeing valuations compressed. we are seeing it play out against of private sector as well. in the early stages, we are backing founders who are in it for the long haul. as someone who focuses on tech, health care is a defensive place to be in the market. there continues to be attentive innovation options. emily: so, let's talk about health tech, your focus. is it as cool as it was in the middle of the pandemic or not? >> i continue to get schoolbook

-- i think it continues to be pretty cool. we had a watershed moment where there were a number of trends around bringing ai in to health care delivery that the pandemic helped unlocked where the pent-up demand was released. now as the market cools we are continuing to see the trends play out at a much more, much more reasonable pace of technology adoption. a few of the companies i would highlight, one being the company we'll -- wheel. you just had their logo on the screen, they are in the telehealth marketplace space helping to unlock telehealth for large tech companies, providers, as well as companies trying to put great care in the hands of consumers like you and me. emily: so what is it about health tech that specifically excites you? we have apple is coming into this.

google, amazon. they are trying to get into health tech. is it a threat that big tech giants want in or is it an opportunity? >> i think it is an opportunity. we are seeing a number of large players in this space. you mentioned amazon, heard rumors of apple getting into the health insurance game, google continue to play in the data space. it's a recognition of how technology has been a bit of a laggard industry in health care and there is so much opportunity to bring health care into the hands of not only clinicians but individuals like you and me, in order to bring us the care we need when we need it. so many of us for the first time during pandemic had our first telehealth visit with at-home diagnostics but there is a huge opportunity to drive care delivery systems across the board. emily: meantime, more broadly, the world is falling apart and silicon valley is kind of

crumbling. we have seen layoffs across the board. we talked about 3700 people about to lose jobs at twitter. does this have broader ramifications on the start of -- start up ecosystem? >> there are definitely broader ramifications across the start up ecosystem, which is why the breath they had a firm like ours at the early stage where we have seen a number of different ups and downs in the market, where we have seen leaders making tough decisions. and the leaders making tough decisions are focused not just on growth, growth is necessary but not sufficient. how are they focusing and investing in their companies and in the future as well as the growth to drive stable business models and build a game changing company? emily: what advice are you giving startup founders right now given these conditions? >> as a board member and partner to many of the founders

i work with, i am trying to help them see around corners and see what is coming down the pike. one key thing they are focusing on is not just how they can have clear eyes and continue to focus on their business but also make the tough decisions. often times it can be tempting to see it play out but when i talked to the founders making tough decisions with clear eyes and advice from their investor partners, they will be the ones who can not just weather the storm but hopefully emerge even stronger. emily: talk to me a little bit about the founders that will or can be successful at a time like this. people are calling this dot com bust 2.0. this could go down in the history books as a tectonic shift. the companies that survive and the companies that do not. kristin: we continue to back not

only passionate founders and you just mentioned how tough the times are. the word that comes to mind is a grit. founders and companies that can be gritty and not just move through the time but potentially emerge stronger. i also look for founders that are begins for talent and continue to be begins -- beacons for talent and continue to be beacons for talent and for capital in the tough times. i think we will continue to see investment in really high quality teams and businesses. that's not going away. we are seeing that flight towards high quality and efficient growth in building these companies. emily: i know you also worked in banking and took some companies public, but what is your sense for how long this downturn lasts? six months? 18? three years? kristin: i continue to be optimistic that we will make our

way through, but that being said, planning for stormy weather ahead. your guess is as good as mine in terms of how long this will last but we will continue to invest in companies and work with founders that are seeing not just a brightness on the horizon but continue to work through these storms. my guess is that we will be in this for a considerable amount of time so having folks focused on the fundamentals of their business, keeping the main thing the main thing, building towards the future. emily: keeping the main thing the main thing, we will remember that. kristin baker spohn, general partner at crv, thank you so much for stopping by. alright, coming up, peloton continuing to struggle, the ceo still upbeat. we will explain why, next. this is bloomberg. ♪

emily: peloton rebounding after tumbling earlier with the company posting a weaker forecast than expected even as the ceo declared they are beating their own timeline for turning the fitness company around. joining me now, mark gurman. mark, talk to us about what's going on. investors clearly don't like what they see. mark: what we got this morning was the definition of a mixed earnings report. if you look at the numbers, things are not so great. you are seeing a revenue forecast the client about 37% in the current quarter, this is the current second fiscal quarter for peloton. then there's a letter from the ceo of peloton saying the ship is starting to turn. that's my impression as well. you are seeing some positive direction in these numbers. gross margins improving.

free cash flow has improved, but we don't like the revenue numbers specifically for hardware. those numbers continue to fall while subscription numbers continue to climb. the good news is that you see usage continuing, charting is low, subscription is continuing, but people are not buying the hardware. it raises the question why is peloton in the hardware business at all? why not pivot away to having the tablet on third-party bikes? they probably have the best content, the best software in that hardware bike and treadmill space. why not get rid of your failing hardware business? i think that is where the company may eventually go. clearly some bad news on overall revenue but some good news in terms of how the company is framing what they are calling their turnaround on a subscription front. emily: how do we measure whether the company is beating its own timeline? do you agree? mark: there is really no way to

measure if they are beating their own timeline. you have to take their word for it. right now the ceo says it was longer than the one year it has taken. remember, he joined in february and he has really pulled apart the company, laying off thousands already. you have outsourced manufacturing and customer service and deliveries. they pulled every lever possible, running the company into the ground, trying to start over. but we don't see the positive impact on the stock. obviously they are down over 90% at this point in the last year or so, but you are seeing some positive comments and momentum where they really talk of subscriptions pay subscriptions are well over 60% of their overall revenue, which wasn't the case when they were high flying at the top of the pandemic. i think if they continue to move the needle on subscriptions and try to compete with apple fitness, really try to integrate those bundles around software and ultimately exit hardware,

something i think they should do, nothing they said they would do, i think they could be on solid ground for a little while. emily: quick question, what about acquisition? amazon, apple, would they ever buy peloton? mark: i do not think so, they wouldn't be buying the family hardware business. amazon maybe for prime. but i think netflix hasn't done a good job in expanding the encore content, failing at gaming. they should probably try to get into music as well, but fitness could be a big way to lock people into netflix subscriptions. emily: looks like some ceo's have some consulting to deal with. mark gurman. mark, always appreciate you stopping by. coming up, self driving technology getting more scrutiny from around the world. we talk about the challenges

with one of the leaders in the industry. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology."

i am emily chang in san francisco. i want to get back to the markets. the names across ev and mobility, here's ed. ed: nikola stock up then ultimately closing down 11%. pretty reasonable performance in the quarter, very modest revenues, but what spooked the markets is that they are not going to reach their original guidance of 300 semi trucks this year. that downgraded the outlook for the rest of the year and next year saying performance is not going to be as good as they hope. their expectations are being lowered because customers for battery electric commercial vehicles are pulling back. there are saying the cost is too high right now. you look at the chart and the wild ride we had for them throughout thursday's session. two others in that same space are also sliding. the reported a loss in rbc. there was interest in fiskar given that they were planning to start production of their suv.

it is built by a third party. and then you have a aurora innovation, more focused on the autonomous driving space. they are capitalized to get them through 2024 and aurora is telling investors they are on track to launch a commercial autonomous trucking business. fighting talk, the stocks seemed to like it. is fighting talk enough? there's lot of questions in the space right now. emily: hang on. i want to stick with aurora. they are giving the world real-world prospects for self-driving tech, but the industry is having a rocky patch with competitor argo ai shutting down after volkswagen and ford backed away from a deal. is that a small crack in a bigger fissure in self-driving technology? chris, what do you think?

chris: yes, i think it's just normal. what we are seeing is what happens in any industry that if you look at the automotive industry at the beginning of the 20th century, there were 200 car companies. then, there were three. we have seen a lot of companies spring up, explore the space, and some of them will succeed and others will not. aurora positions are self to be independent. we have the capital, the people, and the technology, so i am more optimistic than before about the space and where we are going. emily: as you say, risk is normal. but if you look at what happened with argo shutting down, potential investors pulling out, is that a risk aurora faces? chris: no, it's part of our strategic advantage. from day one we wanted to be an independent company because we knew we wanted to be able to focus on the thing that mattered. when jim farley started talking about shutting down their investment in argo, he said we want to place our bets somewhere else.

we do not want to be another bets, we want to be the best. if you look at our investor base, these are folks who get the opportunity understand the quality of the team and they are excited about the journey. ed: it's good to see you virtually at least. you just said what we are seeing in the industry is normal, but what vw and ford are saying is that actually we are pulling out because this is a more distant technology than we thought. it is too far away right now. what are you doing to ensure stability for yourselves in terms of raising money? are you going to plan headcount reduction to preserve cash? you guys still have a way to go as well. chris: i have been in the space for 20 years. i understand how hard the problem is. we engineered the company from day one to solve these problems. realizing we were climbing a mountain. as a company, we have amazing partners. we work with toyota, uber,

fedex, schnider, warner, amazing trucking companies. we feel like we are spring-loaded go to market. yes, we raised a lot of capital last year. we are in a strong position with $1.2 billion on the balance sheet at the end of the quarter, so we are really excited about the path forward. ed: is it possible that apple or microsoft buys your company? chris: i think you are alluding to a memo that leaked that i drafted for a conversation with our board. i don't know if it's possible or not. we are not going to comment on those kinds of things, but for any company in the existing market conditions, you need to be exploring the span of options from headcount reduction, acquiring companies, talking about a crisis being the worst

thing to waste through focus. as a company, we have taken the path of focus, being efficient, with the capital we have on hand, and we will execute through this. we have the capital to do this. we have the team and technology to make it happen. ed: when you and i last saw each other, we were in texas riding around in self-driving semi trucks. your regional ambitions for aurora were more broad than that. it seems like the focus is on the use case of trucking delivery, hauling. have you had talks with the big players in that space like amazon and walmart? chris: we are still building a platform that will drive all kinds of vehicles. the right first place in the ability of the technology is in trucking. we see the opportunity. the economics are there, the market scale is there. it's just the right place to deploy this first. we have those partnerships with

toyota and uber that when we go ride-hailing to charge into that. we have amazing partnerships. fedex is the largest carrier of western truckloads in the u.s. it is also the most tractors and trailers of anyone in the u.s.. we are working with amazing folks today. emily: talk to us about the longer-term beyond trucking. where could this technology go? how long is it going to take? much of our coverage recently, we have been talking about this. you said you have been in this industry for 20-ish years. it hasn't still come fully to fruition. chris: we are at this point. one of the challenges is to develop our technology out in the public because we are on the roads and people see it. you get to see a little bit behind the curtain of what it takes to develop world changing technology.

i think it is really exciting to see some of our competitors on the road with no drivers in places like arizona and san francisco. we are on the road every day with our trucks hauling loads for our customers. that's exciting. we are looking forward to the next few years. we have been a leader in transparency. we have shared our roadmap from here to launching a product with our operator and we want to continue to do that to build trust through the current value of disillusionment. emily: can you give me a number? how long until long-haul trucking is truly driverless? chris: we shared a roadmap for us. at the end of q1, we hope it to be fully complete. which means that it does everything it needs to to drive well enough. by the end of next year, we want it to be ready so that if we had a truck platform that was autonomy enabled, we would be able to pull the operators out

of those trucks and have them operate without anyone on board. we expect to actually launch in the following year, in 2024. emily: we are getting breaking news across the bloomberg from mark gurman about apple's hiring plan. apple is pausing hiring for roles outside of research and development. i had talked to tim cook earlier this year and he said they were going to be deliberate in terms of how or where they cut or where they spend and grow. but this is apparently an escalation from earlier budget cuts and a signal of hiring slowdown. again, apple pausing hiring for many jobs outside of r&d. chris, i know we asked earlier about the environment. have you thought about cost cuts? have you thought about layoffs? it seems like everyone is thinking about it. but everyone's strategy is different.

brian chesky told us yesterday that we are stepping on the gas not the brakes. chris: for us, we continue to focus on being efficient with the capital that we have. it pushes into mid-2024. we look at where could we do things sequentially rather than parallel. that's one of the reasons why we focus so much on trucking. we are not doing cars but we will have that more streamlined off the back of what we do with trucks. we look at how can we restructure things to be more efficient. we've made changes to the way people report. we looked at what are the things we need versus what we want. we're just getting the things we need. so we are being thoughtful, extending the runway where we can. but the opportunity is so exciting, the position we are in is so amazing that we need to charge through this. ed: will you hire any of those laid off from argo ai?

give me your big picture take of the consolidation in this industry. chris: we are always looking for great people. we have lots of jobs open, if you are interested please apply. we are reaching out to some of the argo folks. consolidation is happening. i have said this for years. when we started the company, let's make sure aurora is set up so it can be a consolidator. that's why we have taken the independent path we have. that is why we have raised the capital we have at the times we have. i expect that at the end of the day, there's going to be a handful of companies that cross the chasm and deliver a product on that, and we are positioning to be one of them. emily: we appreciate you sharing your thoughts with us. aurora's ceo chris urmson and our own ed ludlow. thank you both very much.

coming up, two major power players just reported earnings. that is crypto coinbase and square. that is coming up. ♪

emily: coinbase and block just reported earnings. headwinds for crypto persist. bloomberg's sonali basak doug through the reports. what are the highlights?

sonali: it's a pretty good day. block had already sold off 67% this year. coming back with gross profit above expectations. they are growing their cash out there. i want to hone in as it pertains to crypto. we have a very crypto friendly ceo in jack dorsey. bitcoin revenue was 1.8 billion nearly. while it is down 3% year-over-year, it is still up 128% on a three-year compounded growth rate. if you're looking at the crypto market and what it means for these fintech companies, it is not as bad as it could be. and that commitment is still there as they grow other financial services. quickly pivoting, coinbase they really highlighted a lot of headwinds. you do see a jump in subscription and services revenue. and that is even larger, that jump. it would be 82% when you hold crypto prices constant. they are benefiting from net interest income so you are seeing these firms leaning on the diversification of the businesses in order to show investors what they are worth. robinhood we have to point out

as well because revenue topped estimates. stock wise, they are down the least of the group about 30% this year. crypto decreased 12%. but options and equities were up. and cost cutting is helping them drop operating sizes down 12% and that is helping them come in with an adjusted profit number that is better than expected. can that hold when it's not on an adjusted basis? emily: jack dorsey, the ceo of block, has been in the news all year for a different reason given all of the drama at twitter. did we hear from him on the call? talk to us, he was really instrumental in launching some of twitter's early crypto projects. tell us a little more about the connection. sonali: we know jack has

supported a lot of companies in the lightning network trying to integrate it with twitter. he was available on the block call. he is focused very much on block and financial services. he did not discuss twitter. the question i would have looming out in the ether is as it pertains to block and twitter given his background. whether these fintech firms can partner with twitter to create what everyone wants to talk about. looming open question. it is yet to be seen, but one yesterday seemed like they were open for business should that be something that twitter wanted to explore. emily: bloomberg's sonali basak, thank you. on another note, we just got another headline on the bloomberg that elon musk is asking twitter to cut infrastructure costs by $1

billion. this on top of 3700 employees that we have reported will be laid off at twitter tomorrow. they will be informed of whether or not they are going to be laid off tomorrow. again another headline from reuters that elon musk is calling on twitter to cut infrastructure costs by $1 billion. coming up, it has been a choppy market for founders. but a new report shows signs of resilience from businesses run by women. we'll talk to one of the reports sponsors coming up. this is bloomberg. ♪

emily: pitch book just released a report on venture capital. it found that women founders have posted the second-highest

deal valley figures despite volatility. sarah, talk to us about the silver linings that you found for women run businesses. sarah: good to be here and thank you for highlighting our report once again. the data continues to tell the same story. you have heard the narrative that female founders continue to outperform no matter the circumstances despite market conditions, despite the turbulence in the markets, they continue to be resilient yet under invested. so while we are seeing higher numbers compared to 2021 with deal value becoming a lot higher in the recent months, what is not on the upward trajectory that we are really looking forward towards is the proportion of deal value and deal count as a whole compared to the whole venture capital. a lot to unpack from exit value to the outperformance in general

, even looking at the burn rate of venture capital funding. there has been a lot of news that i think you coupled -- covered in your last couple of segments as well. emily: you found that women founders had lower burn rates, greater valuation growth at the late stage versus companies founded by men. what do you think is behind that? sarah: people always ask us, are you surprised by the numbers? the reality is we are not because women continue to outperform in leaps and bounds. the reason for that is this. good news, bad news, they have not traditionally had a lot of funding and they have had to work with what they had. that means they are resilient, they are good with cash management and they are able to weather the storm. this means it's a little bit of a funding winter and the storm is here and while there will be winners and losers, it's clear that women have been smart about planning forward and their cash management is showing right now.

the burn rates are being much more manageable and the drop in late stage funding in terms of valuations, we saw the crash from the valuations of 2021, which was a blockbuster year that we are starting to see unravel now, was really showing how there were a lot of companies that had valuations that were not sustained and with female founders, there are always a lot more, i wouldn't call it conservative, but smarter, more realistic about the projections and what they can do and therefore the valuations are sustained. that's explaining the numbers of why the drop has not been that -- has not been as much as you have seen for the wider market. emily: i'm not going to argue with your adjectives. talk to us about the sectors that are seeing the most growth. we were talking about health tech earlier, self-driving tech earlier, and the narrative is

different for all of them. sarah: the good news is that women continue to innovate in all sectors. we see the data where there's a lot of growth in retail. some of the top unicorns that have female founders at the helm are health tech and software-as-a-service. and decca records -- deca-corns, that brought the valuation up. we are seeing a lot of growth in retail, health tech, fintech, and saas. we are excited about what we continue to do. women continue to innovate across the sectors despite market conditions even if they are in a sector that is being hit hard right now with market conditions. they're pivoting and figuring out what's next. emily: how are dynamics between lp's and gp's changing?

there's a lot of money sitting on the sidelines the venture capitalists have raised. there's not necessarily a place to put it all. sarah: thank you for asking all of that. the lp and gp connection is one we focus a lot on. you picked that up rightly despite what has been said about the fundraising winter. it is clear there is a dispersion. there are winners and losers and there are those multibillion-dollar firms that continue to raise billions of dollars. we have a lot of dry powder sitting on the sidelines. this is what is happening. lp's are being a lot more cautious. the word is we are optimistically cautious about the way forward. despite money in the bank, a lot of them are being slow to deploy. in fact, while you are seeing money being passed on to gp's, this doesn't necessarily pass on to the founders which is where they are feeling the crunch.

the winners will emerge and it will be more and more important to see founders emerge in this crisis. i think a lot of the big names you and i know like uber, airbnb all emerged from a time of crisis and this is going to be a good time for gp's that are focused on what next. the next generation companies to do the right thing. emily: beyond the billions cofounder sarah chen spellings, thank you for sharing all of that with us. it's worth checking out your report in more depth. friday, peter kern will talk to us about the travel rebound or lack thereof. this is bloomberg. ♪

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