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

♪ emily: welcome to a very special edition of "bloomberg technology." i am emily chang in san francisco. we have got so much to cover today in the next hour, crypto reeling from the explosion. sam bankman-fried sending an apology after ftx admits to investing funds in other projects. in the white house is monitoring this situation. plus, elon musk tells employees at twitter bankruptcy is not out of the question. and a not so cold war between the u.s. and china and a looming recession. just as the chip crisis was easing.

amd is not slowing down, watching as they continue to take shares. the ceo will join us right here in an exclusive interview. and the women investors who started shaking up the silicon valley bro culture talk about how much progress has and has not been made. talk about their toughest test yet. first, as you all know, this is my last day in this chair. i have to get through the next hour. i want you know this show will be special. we have a lot of news to get through. let's get a check of the markets first with bloomberg's ed ludlow who you will be seeing more of in the coming days. ed: an astonishing day, historic day in financial markets, particularly for the technology sector. this was the biggest post-cpi reaction for u.s. stock markets on record going back to 2000

3 when we first started the data. nasdaq is up 7.5%, the biggest jump since march 2020. the philadelphia semiconductor index having its biggest jump since april 2020. that pullback in yields below 4% on the u.s. 10-year treasury yield notable. megacaps part of the story. it is great to have some positivity in markets on this special day for you. bitcoin is also interesting. we will get into the volatility on those cryptocurrency markets. you see the chart how low we went on bitcoin, towards $15,000 per token, given what is happening with ftx. there was a slight rebound to above $17,000 per token and bitcoin thursday. the mega caps are a big part of this story, all of the names over the past 12 years, those were driving the market. amazon having the best day since february. how interesting is it to see

inflation being pulled back a bit. headline inflation coming at 7.1%, the slowest pace since january. apple, good day. tesla, rebounding. amd up 15%. em. emily: alright. i will get back to you later. we are getting more details on the crypto blowup. according to the wall street journal, ftx lent billions of dollars worth of customer assets to pay for risky bets by its affiliated trading firm, alameda research. bloomberg's sonali basak has been covering every step of the story. wow, what has happened in the last 48 hours and where do things stand right now? sonali: a breathtaking amount of money. in addition to venture capitalists marking down their investment like sequoia capital, and other investors likely to follow. you do have the wall street journal reporting the $16

billion of customer assets, more than half were lent to the sister company, alameda, so this will be a big question of discussion, concerned as we move along. we did see sam bankman-fried take to twitter today and start to address the idea that he messed up. he said it over and over again, but he wanted to try to find money to make clients whole before any investors would be. again, remember, this is not a bankruptcy process yet by any means, but if it were, it would be much more complicated in terms of deciding who got assets and who got them first. ftx u.s. was never part of that deal when it came to binance buying the ftx assets out of the united states, but we are seeing that ftx is saying they will potentially be halting trading in withdrawals in the coming days. that is important because if

trading is halted there as well, then you have another part of the ftx empire connected to the financial industry and had a different set of investors and was also the one that helped to facilitate the bailouts of these other crypto firms, also potentially in trouble here, so again, the story is just beginning, even though it feels like it has been unraveling very drastically for the last couple of days. emily: you have got investors, very prominent investors telling clients that their investments and ftx are basically worthless. how are investors and regulators responding? sonali: we spoke with the number of investors and regulators. we have to remember there is an active investigation going on, this is the ftc, the department of justice, the cftc, and what is remarkable is days ago when

there was not this trouble in ftx, ftx was working with regulators to change the rules of the game. they were working with the fcc to advance a proposal bet would -- a puzzle that -- proposal that would reduce the reliance on clearing houses for trades, something that could change the broader financial system, if it were to go through, so regulators are sitting here and not just investigating the circumstances at hand, the use of client funds, the primary concern here, as well as what happens to the money and how are people made whole and how do you keep this from happening again when we have seen liquidity issues multiply in the cryptocurrency industry throughout the entire year? as one crypto executive put it on twitter today, people are asking about contagion when you think about ftx, isn't this the contagion? we have been seeing at all year. the reality is that one by one, customers who are exposed to ftx are releasing their exposures by

the millions, and you have to wonder what comes next. emily: all right. bloomberg's sonali basak, thank you. we will stay tuned to your reporting on this story. meantime, elon musk emailed staff at twitter and warned of difficult times ahead, writing there is no way to sugarcoat the economic outlook. he also said remote work is not an option anymore and that bankruptcy is not out of the question. meantime, the ftc is tracking twitter developments with concern. our senior executive tech editor joins us now. i mean, in my 12 years covering tech, i can't remember a more disruptive time. twitter could go bankrupt? >> the news out of twitter seems more cataclysmic every day. what stuck out today are these resignations from key twitter personnel, the chief security officer, chief privacy officer , just now, yoel roth, the head

of trust and security, showing an absolute lack of confidence in twitter's ability to secure user data and comply with the ftc. emily: i have heard people who left twitter is saying that at least yoel roth is still there, but now that person who is in charge of safety is now gone. brad: the problem is elon musk is conducting himself as he does. he is not accountable to his board on twitter and spacex. in most cases, not that interested in complying with the letter of the law. we have seen that with tesla and the sec. the problem is the ftc has a consent decree with twitter, requiring it to document new products and how it is safeguarding customer information, and clearly executives at twitter are not very comfortable with how elon musk is conducting himself two weeks into ownership. emily: it has only been days that he has owned this company. how do you even imagine this plays out?

brad: this show today is about history. you are almost 12 years anchoring the show. let's go back to some history. 2012, 1 year after we started the show, we did a cover story in business week about the company that could not kill itself, and we said that because of the chaos internally in its inability to come up with new revenue, products, and yet there was something about the company that users cannot look away from, and that is certainly something we have seen this week with the elections, with elon musk's display, user growth is up, and maybe that's a point of optimism, that despite all of this, as long as he does not bleed out from shooting himself in the foot again and again, maybe he can rescue twitter. emily: i tweeted that i hope twitter exists when the show is over. it is so important to so much of silicon valley and dialogue around the world. you have been covering silicon valley longer than i have.

11,000 people laid off thousands of people laid off, google, apple, amazon, everybody cutting costs and thinking how will we get through a recession. how does this rank compared to the financial crisis, the dot com bust? brad: this is just how the place works. this is silicon valley, tech is cyclical. it has happened for decades. the personal computer recession, the dot com bust, the great recession. if anything, those times might've been worse in terms of the layoffs. i would point out now that silicon valley has 2% unemployment. in 2009, it was 12%, so the difference might be that jobs are harder to come by for the recently laid off. the other difference is we are coming off an extraordinary time in your career during the pandemic were twitter hired, amazon doubled in size was that

these are significant cutbacks, but comes after overly optimistic growth. emily: we will continue to follow these stories. thank you. all right. coming up, chip leadtime shrinking, but will a looming recession set progress back? we will talk about that and more in an exclusive interview with amd ceo lisa su next. this is bloomberg. ♪

emily: turning to chips, chip delivery times dropped by six days in october, the most since 2016. one survey showing chip supply across all native product areas now more quickly available. let's talk about this and more

with amd ceo lisa su. amd just announced an update to its server chip lineup, taking another swing at rival intel. it is great to see you in person. we did this a lot during the pandemic and i'm glad you're here today. i have to ask what your take is on what is happening in the market right now. what is your outlook? lisa: first of all, it is great to be with you in person and congratulations on the special show. we are excited to be here. when i look at the market, a couple of things, the semiconductor market has been so strong the last several years and we have certainly been trying to ramp up production across the board. when you look at today's markets, there are portions of the market that are doing extremely well, things like the data center business, the embedded business, services, aerospace, defense, industrial,

automotive, these parts of the businesses, and then there are some parts of the businesses that are going through a lower demand period, pc's, consumer devices. we are navigating through that but it is an important day for us because we just launched our new server chips, i'm glad we can talk a little bit about that. emily: how do you hope it would change the game? lisa: i have to say that our server roadmap has been a five-year journey. we launched the first epic server line in 2017, and over five years, we have had three generations of true leadership performance, so with our fourth-generation epic, it is really game changing for the server market. when i talk about things like significantly higher performance, significant better overall energy efficiency, significant lower operating costs, depending on what environment you are in.

we are talking about two and a half, three times the competition, so we are extremely excited. emily: you have a lead now over intel. how sustainable is that? what if if this is just a moment in the sun for you? lisa: what i can say is hopefully the last five years have been proof. our goal has been to every year have a stronger and stronger roadmap to broaden how we work with partners and customers. if you look across the world the cloud data centers, amd is the standard for cloud data centers because of our performance and our overall efficiency and total cost of ownership, so we are not taking our foot off the gas pedal. we are going to continue to innovate strongly. emily: if were going into a prolonged recession, how is your strategy evolving? are you trying to cut costs? are you going to do layoffs? lisa: it is an interesting point. a couple of things, we have been

working on diversifying our business, so it's not just one product line. we have a broad set of product lines. data center and embedded are strong and we are gaining share. and on the pc market, consumer, it is lower and we are navigating that. our roadmaps take three years to five years to develop, so we are not backing off of our roadmap. we are going to navigate through this to be tighter on overall operating expenses but also invest in r&d to increase our lead. emily: how does the rising tensions between the u.s. and china? how does that change the game for you as the chip crisis was starting to ease? lisa: we are always watching the situation as it relates to the geopolitics. china is an important market, but we are cognizant of the u.s. restrictions and operating within those, and i would say that we are again navigating through these things. emily: how well can pc's go?

was this just a pandemic blip? lisa: pc's are extremely important in the ecosystem. there was no question that there was excess, higher demand over the last 18 months, two years, and now we are in a period of lower demand, but i still believe the pc experience when you talk about working from home, working on the road, enterprises and everything you have to do, gaming, there is a good overall demand and we just have to work through the next couple of quarters and ensure the demand supply picture gets back into balance. emily: at the fortune most powerful women summit recently, you said running amd is like running a new company every two years. explain that. lisa: technology is fast-paced. if you think about the technology trends, the size of our company, when i took over as

ceo, we were about a $5 billion company, this year it was $3.5 billion company, more employees, more product lines in the world is a different place, so we love it. we love the dynamic nature of the business and also believe that is one of our core strengths, is we are able to navigate through different things. emily: amd shares were on a tear for so long and they have taken a hit with the rest of the market. is that hard to watch? does it change anything for you as you run the company? lisa: we certainly believe that the right thing to do is to focus on the long-term strategy. and the long-term strategy is product roadmaps, deep customer relationships, continuing to innovate, and that is where we spend 99% of our time, and we all want to ensure that all of our stakeholders are happy with the progress, so we are always working on those things. emily: i have asked you this multiple times over the last several years, the state of the chip crisis.

what phase are we moving into now? lisa: i think you said it earlier. we have gotten over the hump of the chip shortage. i know you have asked me that several times over the last couple of years. emily: it has been the question of the day, for years now. lisa: what i have said each time is the semiconductor industry knows how to do this, put on enough capacity to satisfy demand. we have seen a much better supply demand balance now in the last couple of quarters and i think we are for the most part, meeting supply that is meeting demand out there. there are still pockets of shortages and those will be worked through as well. emily: what does the chip industry look like through a recession? how does the chip industry weather this? lisa: we are very familiar with

these cycles. we have these build phases, 18 to 24 months of work, and then we have periods when there is less capacity brought on, and we know how to manage through these things. perhaps the most important thing is to focus on what are the secular growth drivers that will continue to be important. that is why data centers are so important. energy efficiency becomes so important. business transformation for enterprises are so important. things like gaming are also secular growth drivers, so i am optimistic about the long-term. we are very well prepared to manage through the short term. emily: is it a time of m&a? is it a time of consolidation? is amd looking at opportunities out there? lisa: we are excited with the recent m&a acquisition in february. they have been part of the amd family for the last seven months, eight months. it has gone fantastically well.

the business is fantastic, above our acquisition case. we also acquired another company, a specialist in networking technologies as well, so m&a has been good for us, but i would say running a strong, organic business is front and center in what we do. emily: lisa su, we will hopefully have more to come together, but i really appreciate you coming to talk to us today in san francisco. thank you so much. lisa: so great to see you and congratulations again. emily: thank you. more "bloomberg technology" after this break. this is bloomberg. ♪

emily: meta's first major job cuts might not cut it. the facebook parent laid off 11,000 workers this week. but that will not be nearly enough to get the company back to profitability from a few years ago. revenue falling. spending ballooned. the money saved on job cuts, just a drop in a large bucket. it was the largest single owner art auction in history. in 2.5 hours, christie's has presided over the sale of an unprecedented $1.5 billion, coming from the question of paul allen. among them, works of paul c ezanne. coming up, we will talk about the future of silicon valley and how many unicorns will survive. we will be joined by the founder and managing partner of cowboy ventures who coined the term unicorn, and the general partner at freestyle vc.

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emily: welcome back to "bloomberg technology."

i am emily chang in san francisco. now to the wave of technology layoffs. cryptocurrencies and twitter teetering on the brink of bankruptcy according to elon musk. and startups that only just survived the pandemic come. i want to bring in aileen lee, founder and managing partner at freestyle vc -- cowboy ventures, and jenny lefcourt, general partner at freestyle vc. thank you both for being here. both have been active in helping women get more access to silicon valley. >> thank you for having us on this special day. emily: it is a crazy newsday and the crazy time for silicon valley. what is your read on all of this? >> this is the correction we have all been talking about for years. there is no way, economies are cyclical. technology has been cyclical. we have had a crazy market for a long time.

it lasted so long, people thought this is how companies traded forever. but it was such an anomaly so it is quite unfortunate that it had to happen. emily: how bad does it get? how bad are you preparing for it to get? jenny: i think we are at the tip of the iceberg. i think it will get a lot worse. we are starting with the reckoning of years of going fast and loose. i think now you see striped, all of the good, profitable companies making layoffs. there is not a company in town that is not cutting. i think you will see a lot of startups winding down. emily: how does this impact startups? there is so much focus on the big names. but there are so many names out there, they unicorns that are struggling. aileen: yeah, and it is not going to happen in one fell swoop. a lot of companies, there is a lot of money from private

markets from the last three years and they are living off of what they raised. they are cutting, some of them may not cut deep enough. some of them were built for a different time when budgets were more flesh -- flesh. jenny: in some cases, tech has been a little bit of a circular economy, where there has been a lot of private money. a lot of them were geniuses in a zero rate environment. a lot of things are going to change the next couple of years. emily: there is also this pattern matching that goes on in silicon valley. you look for founders of a certain way and maybe sam bankman-fried matched the pattern of what successful founders look like. what is the lesson here? jenny: hopefully, the lesson is we all have to do more with less. those who have been spending so much money and have not gotten anywhere will not continue to get the next check. and people who have done a lot

with very little, like people of color and women, will actually be given the advantage in this new market. emily: are you changing your strategy? are you investing or waiting it out? aileen: i think both of us are fairly disciplined investors. we may be a little bit old-fashioned in that way. i think i am optimistic. obviously, it is horrible for a lot of talented people who have gotten laid off. there has been a lot of excess. you mentioned pattern matching. a lot of people have walked into venture capital pitch rooms and matched the pattern of boy genius or brilliant genius who oftentimes wound up being a brilliant jerk. i do not know how many of these stories it will take for people to realize that is not always a recipe for success. but now we are at least getting some examples that people can

think about and think, a person who treats people with respect and builds a diverse team is actually going to survive the ups and downs of economic cycles perhaps better than just move fast and break things. emily: since you coined the term unicorn to refer to companies with billion-dollar valuations or more, my colleague today asked me to ask aileen about unicorn to uni-corpse. aileen: i feel like it came up years ago and it did not really happen. emily: but it is happening. aileen: there will be a lot of down routes. already this year, the number of unicorns being minted has slowed compared to last year. when we did the analysis, it was almost 10 years ago, and it was only us. the global markets were not what they are now. the original set had about 40

companies in them. if you look at different sources right now, it is global and the u.s. is about half. that still means about 500 u.s.-based unicorns. i think that will come down. it is funny. next summer is the 10 year anniversary of the original analysis and i was planning on doing an update. i planned on doing it this past summer. it would be a very different update if i did it this summer the next summer. emily: how are you changing your strategy or navigating through this? jenny: i was a founder in 2000, 2008. i have been kind of expecting this, waiting for it. not playing it as fast and loose as our colleagues. right now, i am making sure our companies are in really good shape. those who had the luck of raising in the good times, making the most of that capital and getting surgical on execution and making sure they make it last to make it to profitability. and being careful with deploying

capital. making sure they are great companies that i believe in that can go the long haul, that are building for the right reasons. we are going to be patient. we both have plenty of capital to deploy, but feeling no rush to do so. emily: you are both founders of all raise. you have worked really hard to change the game for women's as investors and entrepreneurs in silicon valley. how much progress has been made, and are you worried a downtrend set progress back? aileen: we were just reflecting as we were watching you. you wrote and published yearbook -- your book at the same time all raise was launched and we are so appreciative of the work you have done. how you have done the show and ask your questions. we know you are not going anywhere, but that is deeply appreciated. jenny: that made a huge difference to us when we were launching. we were all reading that book around february 2018.

we launched in april of 2018. so the ripple effects of what you do keeps us going. emily: and there is so much more to do. aileen: so much. we all have to be cognizant. this is a time when people need to be grittier. and if you are looking who -- looking for people who have always done more with less, you are looking at women and people of color. it would be a terrible mistake to cut those people from your talent base. i think we need resilient people to help us lead and manage through this recession. emily: times are changing. elon musk told employees that twitter could go bankrupt. you have almost the entire executive team gone. how are you watching this? any advice for him? aileen: it was in your book

where you talked about how they made a huge mistake not having women at the table. here we are how many years later and the same thing is happening. i do not think there are any women around that table. it is sort of like, sometimes you look and it is like, we have gone nowhere, where is the progress? we obviously needed to accelerate but we were also talking about the fact that when crypto capital launched their fund with the seven guys on it it was obliterated. should have happened, no. but 10 years ago, i do not think they would have been obliterated. in some ways, we have made progress in the world to being educated. it is not about altruism, but about biggs -- about good business. emily: what is your hope for the next 10 years? 12, i should say. aileen: i feel for all the

people who are personally impacted by what is going on in the tech industry. it is going to come back both in silicon valley and the country. i think there will be more tech hubs around the country and across the world and history shows if you are a student of business, recessions are the best time, that is when legendary companies are built. there is generative ai, a lot of new stuff going on, there will be social. the faltering of a lot of the big social platforms will create a window for new companies to be built, and hopefully they will have different faces around the table. they will be built with trust and safety around the idea of inclusion from the beginning, so i think it will be an incredible time when the cultures are a little bit less, they are scrappy year -- scrappier. and they understand it is not a get rich quick scheme and it takes a long time. jenny: you are our unicorn.

we have this for you. emily: oh my goodness. she is so cute. aileen: and inside, she nurtures baby unicorns. emily: you guys! thank you. aileen: thank you for all you have done. 12 years. happy last day of the show and thank you for all you have done. jenny: thank you. emily: we are going to hug after this. aileen lee, jenny lefcourt, thank you both for stopping by. we are talking crypto after this break. we are talking the crypto implosion next. this is bloomberg. ♪

emily: ftx assets have been frozen by the bahamas regulator. bloomberg's hannah miller covers crypto for us. the headlines keep pouring in. what is happening now? hannah: the situation keeps getting complicated. it is extremely fast-moving. we do know that sam bankman-fried is under serious legal scrutiny. there is still an ongoing investigation from the cftc and the sec. emily: could he face jail time here? i cannot believe i am saying that. hannah: it is unclear. it will come down to whether he mishandled customer funds. they are also looking at the relationship between ftx and alameda research. emily: we are also talking about a potentially tectonic shift in the crypto landscape. what are the ripple effects?

hannah: everybody is reeling right now. the market is struggling. ftx and sam bankman-fried had an incredible reach over the industry. he has invested in multiple companies, he has built out multiple companies. ftx also does a lot of business with different players. so it will be interesting to see which dominoes fall and how quickly. emily: what are we hearing from the other exchanges? here we are now. what is the word from binance? hannah: binance, cz, i think they are basking in the victory right now. emily: victory in the crypto space is not necessarily long lived. how do we know who is swimming naked?

hannah: that is a very good question. i think there is still going to be a lot to unfold here. emily: what are you looking at? hannah: i am looking at which players are being affected, and who is on the verge of bankruptcy? emily: we will stay tuned to your reporting. thank we will be right back. you so much for joining us. we will be right back. -- thank you so much for joining us. we will be right back. you are watching "bloomberg technology." this is bloomberg. ♪

emily: i am emily chang and this is the newly named "bloomberg technology." this is "bloomberg technology." i am emily chang.

i am emily chang at facebook headquarters and welcome to "bloomberg technology." i am emily chang. i am live from cupertino, california. the smartphone has become the king of revolutionary products. >> as time has gone by, the smartphone has been more important to people's lives. emily: facebook is now an officially traded company. the nasdaq had rolled out a red carpet for this like none other. somebody suggested a joint venture with amazon. will that ever happen? >> i have just heard about it from you. i never heard that. [laughter] i will talk to anybody who is involved in helping small business. emily: a lot of people are looking at square as an example that these private tech unicorns are overvalued. what do you think? >> i do not know. i am not an economist. we have an economist on our board and you should talk to

him. emily: but you compared the company to amazon. there are big questions. how do you deliver on the amazon promise? >> we have to execute. when you think about what amazon did, they went beyond the other booksellers and categories of retail. we are doing the same thing. the investors who bet on us long-term are going to be happy. emily: what you have priced out, are you concerned about froth? what do you think about that number and the potential that you are leaving billions of dollars on the table? >> that if the first time i have heard that number. in april, we raised money and it was the debt financing. that would have priced us around 30 bucks. emily: coming to you live from the san francisco bay area, where i am sheltering in place

, all of us at home in order to comply with local orders that we not leave our homes in the midst of this coronavirus outbreak. in the interest of public safety. there with us as we do our best to bring you the news as best we can. -- bear with us as we do our best to bring you the news as best we can. the power of the people. online forums on reddit, discord and more. leaving hedge funds scrambling as they lose billions. jeff bezos is formally stepping down as amazon's ceo, turning the reins over to andrew jesse. that is 27 years to the day after bezos formulated amazon.com. jeff bezos and his crew at blue origin have pulled off a safe launch, shuttling human beings to space for the very first time, landing without a hitch. welcome back to earth. how do you feel? my goodness. wow. this is your first interview since landing.

we all want to know the reality of seeing the earth from above. did it live up to the dream? >> beyond. honestly i am not talented enough to describe this in words. emily: out with the old and in with the meta. mark zuckerberg goes all in on the metaverse. what is the serena slam for business? what does that look like? >> i have never been asked that question. and i have never thought about it. i think that is such a good idea. emily: twitter is now officially owned by elon musk. >> the company moreover will go through this completely chaotic transition where it is eccentrically learning how to operate from day one, yet it is already concerned with thousands of employees. it is not going to end well for him. >> point your hand this way. emily: i got around.

that does it for this edition of "bloomberg technology." i am emily chang in san francisco. this is bloomberg. deep breaths. 12 years. 12 years. that is how long i've been hosting the show. thank you, guys. thank you. there are a lot of people here. >> keep breathing. emily: almost every day, 2500 episodes. this was my first baby, my first rocketship. it is time to launch the next one. i am going to be expanding our coverage and launching new shows on bloomberg focused on the most important people and issues in the heart of tech, business and culture. that means moving from this show to a new weekly show to get more in depth, to dive deeper, to answer harder questions. reinvent how we bring you these stories and show you at all.

technology has thrust us into a massive experiment in human history, and i want to know how society and life, how we are changing as a result and try to capture the zeitgeist. when i came to silicon valley, airbnb and uber were just starting to rise from the ashes of the financial crisis. crypto barely existed. nobody was even asking the question, where are all the women? at least not out loud. and now silicon valley is at another inflection point. you have mass layoffs, crypto imploding, misinformation, algorithms gone wild. power in the hands of a few companies and a few people. and yet the power to do so much good. so many problems, and the solutions could be just two people in a garage. so thank you for helping me and our great team tell these stories. thank you for watching and contributing, sending tips to the countless people and reporters who share their time and join us on this show.

thank you to the viewer on instagram who has watched 95% of our episodes from around the world, and to my mom, moving on to a new chapter was something i chose to do. it was not easy and this team is my family. from everyone you see in front of the camera and behind it, they all work so hard and i am so grateful for it. i don't know how i'm going to get through this. in 12 years, we have interviewed thousands of people, broken countless stories and i realized this was my dream job. i wrote a book and had four babies of my own right here. i just want you to know that every day has been an opportunity and every day has been special. there is so much more to come. that is all for me for now. tune into "bloomberg technology" tomorrow. thank you. [applause]

[cheering] emily: come on. come on. one more. there you go. one more. there you go. thank you, guys. [applause] this is "bloomberg technology." one more time. ♪