>> i'm caroline hyde, bloomberg's world headquarters in york. ed: i am ed ludlow, at ces, the consumer electronics show in las vegas is a special edition of "bloomberg technology." >> coming up the next hour, tesla concerns as the stock prices drop once again. investors call it a train wreck. ed: competition against tesla ramps up as masaki bends -- mercedes-benz reveals plans to install thousands of charges globally. >> we discussed the demand outlook for semiconductor giant qualcomm. first, and foremost, get into the markets, today was a day of macro not micro. it was a day of jobs data. showing we have a goldilocks scenario when it comes the federal reserve eyeing the job market. s&p surged more than 2%, nasdaq

with his best day in and month, this largely because of wage inflation, the pressures they are down back. still resilience in the jobs market, even though we talk about the headlines and technology, this is not featuring at a federal -- at a macrolevel. we see a resilient job market, two-year yield style back, we think the federal reserve can take its foot of the gas when it comes to rate hikes. let's get into the micro moves, amid this join the market we see some of the big tech moves move higher. apple the biggest mover in terms of points, up four points, six points, 4% to help the benchmarks moved to the upside as it is worth $2 trillion. first solar, moving again as wells fargo says is one of the -- biogen, when china and -- i want to shine a light on biotech.

fda giving approval, we are seeing it up 2.8%. overall want to dial it back to what is happening at ces, on the floor, what is happening in the car story, it is up everyone's lips, it feels like a car show rather than an electronics show. ed: day two in las vegas, evs is top of mind. everyone paying attention to tesla, dropping as much as a percent friday. ev competition heating up in china shares are down after the company slashed its prices in china for the second time in two months. i'm so pleased, that bloomberg's kevin is alongside me here in las vegas, bloomberg intelligence senior analyst for autos, you have a very clear view on this, this is a demand problem for tesla is net -- isn't it?

>> globally, regionally, the auto industry is cyclical. tesla has not been through this kind of demand dearth year or in china. here money was easy and cheap for this -- years we went through this period where valuation went through the roof because it was easy to afford vehicles. this is the time they can -- ed: tesla going up 3% at close, over the course of weeks downward pressures on the stocks have been about demand. there is a competition angle, with what mercedes announced, focus globally but also the united states, in china there are so many more players. are investors waking up the idea that tesla is not the only game in town? guest: i think so, on top of that the idea of that the idea ev adoptions slowing is becoming a reality as well. in terms of mining materials, who controls the cereals. the ink -- the materials.

the increase in prices in materials. the environmental impact of the technology to provide the energy generation of power a fleet of electric vehicles. through the period that is ending now this was not talked about or considered as deeply as considered now. >> well said, interesting where the cofounders of tesla went out to think about how you can recycle batteries in and environmentally friendly way -- an environmentally friendly way. in china there by late -- dialing back prices for tesla. byd is clearing -- cleaning up. it is backed by warren buffett. how much is market share eroded by other players in this space? guest: ideally each of the regions come if you look at north america, europe, china. the governments are essentially the wildcard in terms of whether

penalizing automakers for not doing more ev or subsidizing losses. here in north america and u.s. of civic lee we are doing neither -- specifically we are doing neither. we have tax credits, but you have a different demand profile and supply profile in each region based on how the government gets involved. in china there push for adoption is much greater then it is even in europe and certainly more than is here. you are just going to get this kind of demand profile that we do not know over here. that is being driven by penalties in europe. ed: bloomberg intelligence is kevin -- intelligence's kevin. we will discuss the future of electric vehicles with mercedes board member and ceo marcus schaefer. >> so much to discuss, as we dial back demand for autos, and

demand for anything that demands a chip, semiconductors have been under pressure. look at the profits for samsung electronics, the initial profit look -- forecast, fell the most in over a decade. it is a sign of the global economic slowdown. it is her putting -- it is hurting economic -- this is a bellwether of south korea. the largest company. samsung has been rambling with weak demand of -- grappling with weak demand of memory chips. it is all about the pandemic ramp-up and then the sudden dial back. whether it is the purchasing of goods or many ways the reflection of people cutting jobs of these companies. >> dynamic is fascinating. a complete drop in the met -- demand for d ram.

think of how difficult it was for apple in the final months of 2022. there was a revision for the full year number, member ironically that apple was important to samsung's business from the memory perspective. we will continue the conversation later here in las vegas. we will discuss the chip outlook with qualcomm. they are so key to that smart phone market as well. >> he has managed to whether the supply chain problems with that business and remain bullish throughout all of it -- bullish throughout all of it. we have worn cars, this more of an auto show rather than -- more on cars, this more of an other show than a technology show. we are gonna a talk about wearable tech. continues to be a trap --. top trend at ces. is only getting bitter --

bigger. >> we actually went into the black friday cyber monday with a price increase. we saw incredible unit volumes and incredible economics as a result. we are bucking the trend. is part of a larger trend. post-covid people are more aware of their health, wellness, how they are feeling. a mental health crisis among teams -- teens. people are thinking about longevity and sleep is the foundation of this. we want to extend from sleep into the heart health. the american heart association declared 8 key factors in health. sleep is one of them. if you are getting bad sleep, higher risk for the vascular issues, old-timers, -- cardiovascular issues, all timers, -- what value is your health? priceless. ♪

>> i think 2022 was one of the best years for the car industry from the carmaker's perspective. supply is limited and demand is exceeding supplies. i do not see 2023 as a challenging year from the automotive perspective. ed: that was the ceo of mobile eye. here at cs las vegas sustainability has been a big focus. not just tech, but auto companies, luxury carmaker mercedes-benz announcing plans to build a global network of ultrafast chargers for evs.

north america than expanding to europe and china. i am delighted to say they are more here -- for more on the ev outlook for mercedes-benz, is -- this is a real move to drive ev adoption. talk to us about a timeline for the rollout of this charging structure. >> the global bar -- charging infrastructure is cap lamenting a roaming network that is existing of one million points. it is a great addition to this network. the timeline to establish our own global network is starting 23 and completion is planned by 2027. ed: my question is why you are doing this? you have electric vehicle offerings in key markets. do you think this will be a driver of sales for mercedes

buyers that want to go electric but are concerned about charging? why you doing this? guest: if you are an ev driver you know about the expansive shortcomings and the anxiety. we want to give customers a premium experience. ed: is range anxiety and issue -- an issue? guest: absolute, we have more than 400 miles of range, that is o'donnell. look -- that is phenomenal. looking at the market to address that, we needed premium charging esperance that is what we are targeting. >> let's look at the electric vehicles and ultimately the demand for it, there is range anxiety and economic factors. you are ahead of what we see today, tesla cutting its overall supply to china. you did that back in the -- in november. what does overall supply look like and specifically for china?

guest: if i look at the goebel markets there is a high increase in production of mercedes-benz ev vehicles. the growth rate we are having is more than 100% looking at the first nine months of 2022. customers accepting our vehicles, introduction is in full swing. we are in the market with 8 electric vehicles. the most comprehensive folio of evs in the market. the first cars entering the chinese market. we are starting in the core segment, entering into the top end segment does not existing at the moment. the segment of over one million rmb, over 50,000 u.s. dollars, that is an interesting segment. we now have the electric s class. >> the ultraluxury price point

is still there's, what about the middle and what about the pricing pressure there? guest: it is a market that is not a solid market yet. there will always be players going into the market, it is established over a long time. the ev market is very fragile at the moment. new players coming into it. it is about content, customer acceptance, and pricing. the market is getting in a balance at the moment. ed: we surprised that you had to cut prices in china in november of last year? was that something that caught you off guard? guest: like i said it is a new bracket that is coming together, new players entering. we were in this bracket, one million rmb, started their, we did reposition the price. after repositioning we are at the top, not bracket still.

>> talk to us about adoption overall. we went to our own audience and asked them in a poll on twitter. i will point with a get into the ev space if they are not already? in large part 50 -- 15% said they owned one. a majority said, 40% said they would buy one in three years plus. they still need hearts and minds won and infrastructure being built out. what do need from the supply side? do you have the right software technicians at the moment? are you managing to avoid supply-side problems coming down the pipe? guest: there are lots challenges starting from raw materials to through battery assembly plants. we are tackling all these elements. we are taking care of raw materials. we are changing our sourcing materials -- activities.

talking to mining companies, establishing our own factories, our battle really -- battery assembly plants. converting production and global assembly plants old white. -- worldwide. we are completing this 360 degree approach. i will point it was a charging structure, 90 have it all. from -- now you have it all. from raw materials to charging. >> i want to talk to you about formula one, talk to me about software, is competitive on the hiring side. vw had challenges with software. you feel happy with talent, time lines were developing, the platforms in the work, talk to me about software. guest: we are absently happy, we

hired 3000 additional software engineers, the company is very attractive. there were no issues attracting talent on the software side. we are establishing our own environment to -- operating system. it is chipped a cloud. -- to cloud. we will market in 2025, and the first e class you will have the first glance of what the operating system will look like. great suffer talent on board. as were able to -- software talent on board. we were able to show at cs, in terms of performance. ed: level 3 three, you have received the permit for nevada, california maybe this year? do you think it will happen? guest: we are hopeful it will happen soon, actually. the dmv of nevada approved our

application, moving from level two to level 3, we call it the moon landing. the first time the responsibility is taken over by the vehicle itself and not by the driver. ed: no hands. >> no hands and no eyes on the road, but safety is a key element. >> so great speaking to you, mercedes-benz chief technology officer. enjoy the rest of ces. we will speak more to qualcomm about autonomous driving and the technology behind it. ed: we will and have that conversation later in the show. coming up in the near-term, u.s. and bahamian officials reaching an agreement on ftx quotation. this is -- on ftx liquidation. this is bloomberg. ♪

>> movement when it comes to ftx . bahamian officials overseeing the crypto company bankruptcy will overhear most of the disputes. we will focus on silver gate, the key lender too many crypto firms continues to plummet. we will talk about the ftx implosion and the contagion effect. so important when it comes to the crypto ecosystem, it physically saw a run on the bank, for different reasons. fdic silver gate --guest: silver gate is one of the most important banks in the crypto space because it provides banking services to companies in the crypto industry.

it is historically cut off from the banking system. silver gate made a name for themselves by being an essential provider of banking services decryptor players. it benefited when crypto was in a bull run. one of the biggest clients was ftx, that was in trouble. the other depositors mostly concentrated in the crypto industry are pulling out assets and deposits from the bank. we see a run on the bank from silver gate, that is very different from the other run on banks that we have seen historically during the great depression for example. >> what is extraordinary is that it survived it, an 80 billion draw down on deposits, what is not surviving is investor confidence. kathy sold out almost the entirety of their stake. what is the sentiment like?

guest: investors have great doubts about the future of the company. silvergate is a unique name in the market because they are doubling down on crypto. there are other tanks friendly with crypto, signature bank -- banks friendly with crypto, signature bank are scaling back. they talked about how they are deeply committed in serving crypto grinds -- clients. that introduced great uncertainty for the future. there is regulatory overhead, and market conditions not looking good. analysts worry that the run on the bank will continue for silvergate. ed: i read your story yesterday about the worst case scenario. have we had a worst-case scenario with all the crypto concern? guest: sadly i still think there is significant concerns in the

industry for some of the remaining big players. this week, genesis saw further layoffs for the company. we are still looking for more updates from both genesis and the parent company dcg. they are both big important players in the crypto industry that historically played an important role building up the industry for others. there is more to see for sure besides the companies that are already in the bankruptcy court. >> she has been continuing to follow the fallout, we thank you so much. meanwhile, many have riffed that you are getting out of crypto and into the new talked about space, ai. there is some latest news on that can we talk about chatgtp and ai, new york public schools are banning students from accessing chatgpt on its

devices. they believe it is possible to use it to cheat on assignments. public school systems are worried about safety, accuracy and more about creation, creativity, intelligence and the way children and youth build it. this calls for something immediately the people talked about when they played with the program. where is content editing going? the ability to mark students essays? ed: i am astonished how quickly we went from brand-new exciting technology to plagiarism. this is bloomberg. ♪

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caroline: welcome back to bloomberg technology

--"bloomberg technology," i'm caroline hyde to new york with ed ludlow out in a very busy las vegas. >> you cannot ignore what is going on globally there are macroeconomic concerns, report says u.s. machinery 2023 performance may be more resilience than previously thought. we are joined by aco, barbara hunter -- a ceo, barbara hunter. let's start with farming. i did not expect you to talk about vertical farming. guest: who knew the agricultural sector is adopting digital in a big way. today semins and 80 acres announced a partnership. two entrepreneurs in the food industry decided there had to be a better way to get healthy food to people and illuminate long --

illuminate long supply chains. with vertical farming they can produce 300 times a produce from a single plot of land. they are using our technology to make that happen. ed: when they hear the name siemens, they think all types of things, industrial, health-care, which part of your business is making this happen? guest: all of the above we are engaged in somebody ways. financial services identified the company and made the investment. it was the digital industries team ring the software and hardware to help 80 acres to control the growing process. we discovered they needed the help of the smart input structure team. they have sustainability goals. here is a farm that uses 97% less water than regular farming.

it is a sustainable solution using all of siemens. essays all the above. think about health care -- i say it is all of the above, think about health care. you can engineer crops to deliver the nutrients we need to combat disease. caroline: at the end of your press release you talk about pushing it forward, ai, machine learning, how it will optimize plants in the future. in this macroenvironment how much are they willing to be committing capital to red in the future when we are worried about the here and now? guest: oh no, we have a long investment in r and d because we cannot sacrifice the future. we do with 80 acres, the big issue is how to scale. it is one thing to put up a single farm, they have done so in seven cities around the united states. it is another thing to make that

ip available to others who might want to establish their own farms and bring that technology into the hands of others. caroline: talk to us, ultimately we are a world, not just a nation hit with inflation. worried about access to food, particular when you think of european issues with the war between russia and ukraine and the agricultural impact. how do you, as an executive, thick about the macro headwinds, inflation environment, labor environment, do you feel positive or more worried? guest: these are great times. we have to be -- grave times. we have to be realistic about the situation we are dealing with. these moments of disruption give us the best opportunity to shape the future. what we do at siemens, we are a technology company that transforms everyday. we work with our customers to

make sure that we are helping them meet the needs of their local customers. in order to help people get through this and actually thrive. i believe what we will get through this disruption is some new modes. some new business models. some new ways of delivering products and services, i will say at the edge. where we will bring technology out of the rest of the world. ed: a purely botanical question, are layoffs reality if you? guest: no, our backlog is huge, in 2022 we had an absolute stellar year. at the moment we are working hard to meet our customer's existing requirements. i have job openings across the u.s.. i am hoping people come to our website and let us know if they are interested. caroline: i do think overall it is an interesting point asking straight on about jobs.

i am interested more broadly about your clients. you said your focus is to help clients with their own supply chain and keep things local. are your clients in expansion mode or contraction mode? guest: here in the u.s. siemens is making expansion plans. we made the committee to build ev charges, one million ev charges over the next four years. new operations in texas in addition what we already had in south carolina and california. in addition to that, we are looking forward to expanding other portions of our operations. with the investment made in the american economy right now, we see investors going big. ed: i ask about software you made this software push in the u.s.. i want about the success of the accelerator, the integration with brightly. guest: a north carolina health business that was brought into

our smart infrastructure. they have the access to the portfolio customers we have across the country and around the world. that integration is going well. we continue with additional with additional software investments. we are working with the u.s. government. these deals are getting a lot of scrutiny these days. the u.s. government is seeing siemens as a good responsible owner for these businesses. ed: siemens u.s. ceo barbara. thank you very much. good news for the d -- airline industry, delta is offering free wi-fi for all passengers. i spoke with ed about the news. >> this is about giving the customers something they have been asking for and wondering about for years, why did they not have it? we also know, there is no place in the world you pay for wi-fi except on an airplane. we need to fix that. ed: we would hear -- were here

in 2020, a lot of this was coming full circle in your tech plan. you have to make big investments, talk about the in cabin tech you will improve and is there a dollar value? guest: we invested over a billion dollars the last few years to bring free wi-fi. ed: via satellite. guest: it is not just a satellite you are paying for, this equipment marauders come is a pretty significant downtime. secondly we are bringing more than just my five -- wi-fi. we introduce delta sink, a broader entertainment experiential channel. we have partnerships with t-mobile, american express, paramount plus to bring a quality extrinsic and only get on delta aircraft in on the ground. the other thing we did over the last several years, we talked about three years ago, was the airport -- airport to ground expense.

there is a new lax facility, new laguardia facility, salt lake facility, ahead of schedule. we put the pedal down during covid. once we realize we were going to be stable and make it through, we accelerated the push to get this worked on. we are a couple steps ahead of where i thought we would be three years ago. caroline: it is kind of a tough one. i do not know if i want to have great wi-fi on a flight. i enjoy the non-contactable element of it. when you do need to work, the frustration of paying a lot of money and it not working efficiently, it is good to see someone getting ahead of the curve. everyone will have to follow suit. ed: it is interesting, it is the first move, he is promising speeds we faster than the room he gave the presentation and, ed bastian is a tech savvy guy. i asked if he had to hire more tech talent, he said i think we

got this. caroline: they recently did a funding round, there doubling down on the investment in tech. coming up, we will talk satellites and chips in our conversation with qualcomm ceo and how he navigates what is concerned about in demand. this is bloomberg. ♪

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ed: early we talked about how samsung posted a historic 69%

drop in profit. how are competitors like calm calm going to -- qualcomm dealing with the same fate? i want to start with the news of the day that answers that question, a deal with iridium to bring satellite-based estrogen technology finally into the real world. we have been waiting for this for a long time. guest: we are very excited about it. good to see you, happy to be here. we are very excited about this announcement. i want to tell what it means. we work with them for over two years to really design this technology that could leverage their satellite network in a regular phone. regular phone form factor, not a specialty satellite device. wherever you are in the globe you have the ability to be connected and send a message to anybody you want. i think it is about redefining

connectivity for qualcomm snapdragon. to say you are going to be connected period. ed: is that it? does it stop of the phone or can you use satellite connectivity and other forms of devices or electronics? guest: great question, it is a getting of a new era where satellite medication is a default -- mitigation is a default. every device has sell, wi-fi, we are talking about new -- a laptop, even if it need to send a message to the i.t. department or vice versa to unlock cars. think about your car, there is an airbag deployment it is an important message to get out. how do you put pins on a map? how you can lock your car, how you can find a car.

i think it is the beginning of a number of applications. caroline: this sums up your tenure in so many ways. since 2021 you have told investors we are more than smartphones, laptops, we are about automotive's and getting into new types of devices. how will that whether what is a worry around and demand for things like smartphones -- end demand for things like smartphones? guest: we are very proud of the company diversification strategy. you will see qualcomm technology in a variety. when i think about ces this has been an auto show for us. five major announcements, i will start with something people did not expect out of qualcomm. we unveiled a concept car. we basically are showing what is possible with this technology when you think about the car connected to the cloud. the snapped at -- snapdragon

addition of cockpit autonomy. we have a partnership with salesforce. car companies now, with all those beautiful screens and connectivity to the cloud will be caulking -- talking to customers all the time. not just at the dealership. all the sudden you do -- you need to do crm. there is a second generation autonomy chip, we can bring adas to entry-level cars. we are proud of auto. caroline: demand for cars is under pressure. we see that with tesla's concern around the business at the moment. concerns about end demand for somebody products. give us the macro, birdseye view perspective, when you see the weathering of the storm? guest: that is an interesting

topic of conversation. this is an industry of transformation. there are two aspects. one aspect, the macro impacted demand. auto has been more resilient than other consumer sectors and handsets, there was a pent-up demand for auto coming from the supply shortage. everything is impacted for the macro. the other aspect is more interesting. investors are looking at car companies and asking two questions. are you electrical? are you able to electrify? are you digital? the digital is a necessity. car companies are investing in digital very heavily because that is the future of the industry. it will define winners and losers. we see the opportunity for sammy's in each car -- semis in his car to increase faster than the growth of some cars. ed: i want to ask you about a

school of thought that is growing. the smartphone boom and bust cycle is dead. we are driven by the need to upgrade. the boom cycle is dead, is it just upgrades that drive purchasing? guest: smartphones today is the world's largest consumer electronic product. you can thing about mobile computing happening on a smartphone. everybody in the world, few exceptions have a smartphone. it is a very mature market. it only grows organically. it has been now, in all regions, basically driven by upgrades. while the units, have still not recovered from pre-pandemic levels to the total size of the market. we see an interesting phenomena. people when they buy their next smartphone, it is an upgraded market, they want a better phone. we saw for example, with the

pandemic collaboration and productivity came to phones. doing team calls and zoom because they wanted better camera and display -- calls, they want better cameras and display. 5g is coming, the next big upgrade will drive volumes. caroline: another trend amid the pandemic, more to the negative then a different way we use our smart is the supply chain. that is one you navigated very expertly if i might say so. talk to us about supply chain for you, qualcomm, for the industry, are they in the review mirror now -- rear view your now? -- mirror now? >> as far as supply chain constraints it has largely been resolved. we have no shortage on technology. other companies have shortage, they will be doing better in 2023.

there will be some residual shortage on auto for the remainder of the year, but mostly behind us. that part is solved. the other exciting part, there is broader recognition that semiconductors are important. important for the digital economy, with the supply chain shortage if there is one positive thing, it was understood the importance of semiconductor companies. there is a desire to build capacity at different locations. after the united states chips and assigns act, and the european chips act are building capacity in a geographically diversified way. we are beginning in that phase and that is good for the industry and for the long-term. ed: you have been a regular attorney at ces -- returnee at ces, even when others have not. can you give us a sense of what it has been like this week? are you meeting with other executives, business meetings, or is it about product

announcements? guest: very busy, ces is back to its full force. most of the companies are back here. he has been very busy, back to back meetings with other ceos. and partners. i think it is an exciting day. cs has become an very important automotive show. automotive companies are here. ed: you have been talking about the pipeline for automotive for a long time. will we be seeing real revenue growth? guest: we are proud of the automotive is this, a pipeline in excess of $30 billion. we said at the auto investor day back in september, by 2000 2060 pipeline will convert -- 2026, that pipeline will convert into $40 billion, will be over $9 billion at the end -- $4 billion and then we will be at $9

billion at the end of the decade. caroline: we look forward to having another conversation. enjoy the rest of ces. so much to digest from -- dissect from what ed has been seeing their. we will hear about all the latest wacky gadgets. this is bloomberg. ♪ online personal styling? what's that?

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caroline: back in force, new new year's easing in. ed straight to las vegas at ces, it felt busy. amidst the ceo interviews, what is the weirdest thing you have seen? ed: that is hard, what is funny is that people you see walking

around wearing weird headsets. you are not quite sure what it is you are looking at. it is the concept things, robot dentist, our producer got her teeth done by a robot. there is a r.g. -- arv headsets, there are hundreds of fortune 500 companies. it seems like ces is back. caroline: back, and realistic and pragmatic. we talked about 2026 deadlines and revenue becoming a debt -- reality. how much is it affecting us in the here and now? ed: sexy realism, is about being pragmatic and profitable. all the district futuristic -- distant futuristic concepts are less so, we have heard it from mercedes. the commitment to finish the eb charging network globally by

2024. caroline: i also asked you a question on the twitter spaces earlier. how diverse does it deal? --ffeel? women, men, -- ed: we have had many more women tech companies ceos. you think about the names missing, apple is not here, i was down that fascinating given the focus on the business. caroline: all eyes on apple, when the best performers in terms of the s&p, that does it for this very special edition of bloomberg technology. from new york and las vegas, safe trip home. have a great weekend. this is bloomberg. ♪

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>> another year, another set of challenges for markets. hopes for the