>> this is "bloomberg technology." caroline: i am caroline hyde. ed: i am ed ludlow. carolyn cope we are going to kick out the second quarter, nest like 100, is it a bull market will it stay? morgan stanley thinks maybe you should be warning about this tech rally.

ed: delivers fall short of elon musk's expectations. caroline: the latest on his spat with the new york times as a loser verified badge on twitter. first, we dive into the market action. we talked about potential of a bull market. earlier last week in terms of the nasdaq, just coming off its highs, down by a percentage point almost. this as we get the sharp move from opec-plus between saudi arabia that they will be curtailing production. the fears of inflation are back. the borrowing cost surged earlier but they turned around. the yields are back. why? manufacturing data came in much weaker than expected. i want to look at what is happening in terms of crypto and bitcoin.

we have seen it plateau around the 28,000 mark. we took a dip lower earlier as the market soared. now off by about one and a quarter percent. ed: there not that many movers on the upside in the tech sector. bernstein saying this company is turning the quarter in the medium-term, looks good for intel. two downside, tesla. deliveries above expectations but the stock reaction, their concerns about demand. later in the show, i will bring you the key charts when it comes to tesla. one to watch. we had a big deal i need the media space, streaming space. devil will buy wee for $9 billion. -- wwe for $9 billion. there is no debt involve. we will talk about this a lot

later in the show. what does this mean in streaming? we are getting back some recent gains. wwe snapping its best run going back to february. caroline: we have to delve into the market moves when it comes to the nasdaq 100. full market in the first part of it mike wilson from stanley has been warning maybe it is overdone. let's bring in isabel lee to talk about the technicals at play. the reasons behind the movement into big tech. it was almost like a surge for safety. now morgan stanley and jp morgan saying that might be time to pull back from the trade. isabel: morgan stanley said it is overdone. last we could hit the bull market which means it was up 20% from december lows. for mike wilson, that was a bit much. he said they were treating it as a traditional amid the aching turmoil but still recommends

utilities and consumer sector because he also says when something hits its trough, likelihood it will move back up. wanted to see more durable lows. for now, kind of a no go for him. ed: if there's one thing we have learned recently around the tech sector, one session a market does not make. looking at economic data. still way back to the same discussion around inflation and the fed. >> that is right. that is why people are probably thinking, ok, that is why risk assets are rallying. the fed will start cutting. people have various estimates. it is bullish overall. bitcoin is up. enjoy its best quarter, 72% or 74% in the past two years. all risk assets are up and they are enjoying the bounce. good news for the bitcoin lovers, april is usually a good month for bitcoin.

it was up in six out of the last 10 years. caroline: you have been writing great stories about the lack of liquidity in bitcoin even though we see the run-up in price. isabelle: the prices are more prone to volatility because one big move can pull the price lower or higher. that has been the danger in this sector. for now, especially with the banking turmoil, people are celebrating it because this is why bitcoin was made. it was to circumvent all the intermediaries, to just put their trust in the thing they trust and not trust, wall street. when people did not trust anyone, were mad at banks. it is their victory lap. it remains whether to see whether the banking turmoil pushed it quite higher. -- pushed bitcoin higher. caroline: we will be delving in who is winning amid the banking

turmoil, fintech. great to have you on, isabelle. let's stick with the markets. tesla did not perform particularly well in march and today it is weighing on the broader indices once again. add, you're the first and foremost person when i think of tesla. dig in a little about why we are seeing musk fall short even though we see price reductions. ed: 423,000 ev's and he the first three months of the year. it is a modest growth. you look at the end of 22, about 4% sequentially above expectations but the bigger picture is that does not put tesla on track for the 50% annual average growth rate that elon musk has talked about. it is not enough to show demand is still there. there are still demand concerns. at one point, elon musk talked

in the first two weeks of january got demand running at heights the rate of production. we dig into the data and it seems like demand may have tapered off. caroline: even though the prices have been pulled back, even though we have them firing all cylinders making the autos. what does a backlog of potential cars sitting around mean for profitability? ed: that is the right data point. look at the bars. production is greater than the number of vehicles that tesla has delivered. one explanation is there still trying to get the mix of where these vehicles are produced more even which results in being in transit at the end of the quarter. you can't consider those delivered because they are on the back of a truck. it was the lowest delivery going back to the third quarter of 2021. something is not quite working. what analysts are saying is we are worried there is still a demand issue.

elon musk has pledged if there is a deep session this year, tesla is happy to sacrifice profit margin because they have the strong balance sheet and they want to keep up their steady rate of growth. we are not seeing that growth. caroline: many are so worried and some part he is distracted with the other key company under his overview, twitter. we know at the moment he is in particular in a spat with "the new york times" that resulted in the paper using its verified badge over refusal to pay for the blue check mark. how important is that check mark for something like the new york times? the yellow badge? >> it is critical for an organization like they new york times that that badge because it verifies they are a news institution. you can imagine the challenges that arise if another account were to impersonate the new york times and start spreading false news information. ed: we point out that bloomberg

news has said it won't reimburse staff to get their own twitter blue method of verification. bloomberg news, various newsroom accounts does have verification. what is difficult to understand is if you go under someone's profile and hover over the blue check mark, it is either twitter blue or a legacy verified account that may or may not notable. they have not taken the action they said they would. >> and that has changed. a week ago when you would hover, you can see clearly this person paid for twitter blue or this person was a legacy verified institution or individual. it has created more confusion. we don't know. they have not taken away some of the blue check mark's like they said they would on april 1. some are still out there. ed: one thing we discussed was the idea advertisers are not very convinced. they have fled the platform. where does this platform stand and turned -- in terms of its

health? >> what is been interesting, they do have more daily users according to musk's numbers, but you're losing advertisers. that was about 89% of revenue. twitter blue is a way to make back that but subscriber numbers are also low, 1% according to the last numbers. twitter is in a challenging position. they have to convince people to subscribe or move back the -- woo back the appetizers. caroline: do we know if eventually people will be pushed to make the payment? >> analysts and people and it industry down think it will push the needle. we don't really know the latest numbers. from what we know, it is less than 300,000 people. caroline: thank you for staying

on all things social. let's talk about another form of social communication, donald trump said on truth social that he plans to leave mar-a-lago at noon today to fly to new york ahead of his arraignment in a manhattan courtroom tomorrow. we go outside the courthouse. simone, do we know if he is on route? >> as of yet, we have not seen in reports that he has moved out of mar-a-lago. we do expect him to fly to new york later today and come here to trump tower behind me. this is where some of the political theatrics could kick off. you may be able to see there are some banners behind me. and of the last couple of minutes, we have seen trump supporters with banners lining up but there are barricades all around us. then of course the big event is when he goes south to the das office, to the courthouse to be arraigned, expected tomorrow

afternoon. caroline: now moved across to trump tower. it looks busy and people are bracing themselves. ed, this is something you have reported on. it does become a technology story from the way in which news is consumed nowadays. ed: you look at the stock reaction in the conservative social media platforms, they rose friday. i think some of the gains -- what we were discussing, trump is using truth social to communicate in real-time. the rest of the world is discussing this on twitter. go back to the basics of what is to come, his lawyer was pretty clear, he will hand himself in. what happens after that? >> essentially we are expecting him to go to be a supreme court house downtown. we don't know whether or not he will walk in the front door, whether he will try to stage some sort of perp walk he could use for fundraising efforts to try and paint himself as a

victim. but he will go in and get fingerprinted. he will likely have to take some sort of mug shot photo and they go upstairs where the arraignment will take place. after that, he intends to leave new york quickly and fly back to mar-a-lago and then there will be a press conference tomorrow evening. at that time, we will know what these charges are. they remained under seal. shortly thereafter, we will get donald trump's response. ed: we will cover it here on bloomberg television. simone, thank you. coming up, wwe strikes a $9 billion deal to form a new retainment conglomerate with endeavor. those details are next. this is "bloomberg." ♪ we all work differently now.

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>> shares of wwe sliding after endeavor agreed to buy it for $99. they will form a new company that will be listed on the new york stock exchange. joining us now for more, look ashore. -- look ashore. saying they will create a global life sports and entertainment play. where is this headed? >> they have the biggest martial arts league and ultimate fighting championship and now they have wwe while not actively a sport -- technically a sport, performs much in the same way from a media perspective because people do show up to watch it live. the ways it makes money are similar to ufc. ufc makes media deals, ticket

sales, and sponsorships. wwe is the same way and i think they see an opportunity to leverage that combined scale in negotiations with sponsorships and then to find efficiencies and things like staging the events. ed: when you think about media landscape, lucas, many of the networks fight over being able to show wwe. do we have any sense of how things change, how they expand the offering, how they make it more digital? >> it is too soon to know that but if you look back in time, there was a point where the wwe created its own streaming service. after a couple of years, they decided that was not the best idea and was better to just distribute it via the major players. it is deals with the usa network and fox and peacock. the tv deals are coming up, negotiations were supposed to start this past weekend with wrestlemania. i imagine now the folks will

have a lot of thoughts on what they should do but if we look in the track record, one of the ways they built ufc into huge business -- there were doubts. people thought maybe they had overpaid for ufc. they struck huge deals with espn. i think that will be able to do something similar with wwe. caroline: let's talk about the owner of espn. there is a meeting about to be upon us. >> look, disney is going through a very strange moment right now or perhaps an unsettling moment for investors and employees either in the midst of laying off about 7000 employees, did one round in past couple of weeks with much bigger rounds to come. current ceo bob iger is trying to restore the company and restore faith while simultaneously thinking about who his successor should be.

ed: lucas shaw, thank you. coming up from bytedance to micron, apple and beyond. the headlines you need to know in a talking tech. take a look at shares of micron. retaliation from china in terms of pushing back on technology restrictions, sorted tit-for-tat what united states is doing. micron lower by 1.5%. this is "bloomberg." ♪

ed: starting with apple, facing a one million-dollar trial over its apple what secrets. medical devices is taking the case before a federal jury in california this week climbing at

least confidential information from two former executives it hired in certain functions and designs of its flagship apple watch. we will track the travel to revenue of tiktok pair company i didn't surged more than 30% in a 2022, matching the tally at archrival tencent past many internet firms. that pace of expansion underscores the resilience of bytedance's business event time when washington started joint india in banning tiktok posted beijing launching a probing of micron, opening a new front in beijing's chip war with the u.s.. stocks advancing amid optimism they will benefit from the nation's growing self-reliance and its push after beijing launched the probe into micron technology. caroline: from china to the bay area, wanted to begin a little more on where you are currently residing because it has been hit hard, san francisco, by the pandemic. tech workers kept working from

home. they left many of the downtown perhaps empty more than some would have liked. now the old-school bank run has just caused disch hit the city when it is down. -- hit the city when it is down. more on what this means for san francisco's future. if a thought-provoking piece. >> thank you. i think the storms that impounded the city nonstop since january are a metaphor for the storm a bad news that has hit the city over and over again. you talked about the blessed hitting the city -- bust hitting the city, the tech downturn was one thing, but then we had the svp and the shaking is the banking sector. we had the affordability crisis, public safety crisis. it -- and the fact this is a

city where returned to office rates are the lowest in the united states. it is all hit the city at once. ed: looking at live pictures toward downtown. occupancy and unemployment. what have you learned? >> occupancy is a really shocking 29.7%, the highest anywhere. nearly one third of the buildings are empty and yet the unappointed rate is 2.8%. -- the unemployment rate is 2.8 percent. that is the paradox, of so much innovation, self-employment, start ups, and those typically are not companies in the early stages that need the giant office towers. ed: i have called the city home for five years. caroline has lived here. we ask ourselves, what is the proposal to the mayor to fix this? >> her job is to be the cheerleader.

i thought she gave a noble effort. what she has talked about relentlessly is diversification. she has always argued this overreliance on the tech sector is dangerous for san francisco's economy. she is right. she is not the first to have that observation. she wants to attract bioscience, life science, tourism, convert some of these towers into housing which would basically deal with two crises that once yet is incredibly expensive and doesn't always pencil out. and laura back to her. that will take your cleanup and perception this is a safe and beautiful city. it certainly is beautiful. caroline: it is. it will take a big marketing campaign to remind everyone at that. >> the tourists are coming back post-e caroline: i am going there. that is to juxtaposition, when

you're in some of the areas were tourists are, the restaurants are busy and having an you go downtown and it feels emptier. >> the neighborhoods are humming. caroline: and then you have some of the key tech companies laying off as well. >> i think it is so empty right now it is hard to imagine another few thousand missing from downtown. those employees have been distributed. i think what has to happen is pretty soon as the prices plummet for the commercial real estate, there will be a value proposition and some companies will move in. the neighborhoods are hopping. we talk about that in the story. now around ai valley or cerebral valley. there is activity. ed: karen, thank you.

coming up come all things ai. experts calling for the nexgen development. we will have the details. quite a big name in the sector. this is "bloomberg." ♪

>> i care about access and reinforcement have bios. address these concerns and open and transparent way, not to call for a halt to development. caroline: will come back to "bloomberg technology." ed: that was conviction founder saying it is important to keep experimentation open and going and a generative ai after more than 1000 ai experts, industry participants signed a petition -- petition calling for temporary halt in developing the next generation of ai tools. one of them, founder of

artificial diligence deep ai. why did you to sign the petition? >> it calls to a halt for the developing of extremely large generative models like one in development and this is an incredibly disruptive technology. we don't even really know what it will be capable of but we do know is most likely advanced reasoning capabilities similar to the human brain. so in a sense, this is just too disruptive i think for the current moment. there is no reason we should really be building it right now. ed: what is been proposed is a six-month hold to establish a shared set of safety protocols. how do you make a six-month halt happen where all the stakeholders comply? >> it is an uphill battle.

i don't think even the creative are overly optimistic. it is a big coronation problem but we are hopeful all of the parties around the world will see the benefit of this type of pause, which i don't think hold spec technology more broadly. ed: last week we had academics who basically said the same, this is really hard to pull off. six months, get everyone to potenza pay. -- everyone to participate. caroline: why are you as a founder of deepai saying this? is it a competitive threat to you? >> they are a competitor. we have many competitors. i don't think it is because they are a competitive threat. i think this technology is so powerful, it is not going to matter who owns it or even which

country it is built in. what matters most is it is built at all. this is incredibly powerful technology that i've started calling at the nuclear weapons of software. caroline: i'm going to dial back from that a little because we have had academics like emily bender on saying, when you're using even the turn of phrase artificial intelligence, it keeps doubling down on the hype, reinforcing our view this is in some way competitive disc comparative to human thought. this is a worry about disinformation but the overall power of large which models is basically it makes sense to us because we make it intelligent. what do you say to that argument? >> i think they are rather hollow. i think these models are absolutely intelligent. they have advanced reasoning capabilities. in many ways, they are already

superhuman. they won't be long before -- caroline: but they're just predicting the next word we might use. >> that is correct. caroline: how is that superhuman? >> these models, they know more than any single human and they can recall the information much quicker and then they have very similar reasoning capabilities to acumen. ed: kevin, we thank you for coming on and answering our questions. many of the signatories did not. there -- i'm going back to this. is this sour grapes? is this you recognizing ai so far ahead that you need a six-month period to catch up? >> absolutely not. we are super impressed with what they build. we are huge fans of them. we don't view them as a threat,

particularly. we just think this technology is way too disruptive for its own good in the present moment. ed: what good has come out of this in the last five days? >> it is a great conversation starter. it is getting the world thinking in the right terms because this is not just creating a new social network, this is an incredibly disruptive new technology. i would almost like in the global issue almost like climate change in that we have a tragedy of the commons where all of the leading ai labs know they are creating something dangerous but none of them really want to stop it. caroline: really thought-provoking. thank you, kevin baragona. signatory to that key piece to worry about, the artificial intelligence that seems to be all things to all bc's. we will see if this is something

the vc community was to put money towards, particularly after there are other areas to be found in, fintech after the svp follow-up. this is "bloomberg." ♪

caroline: the collapse of the silicon valley bank has sent shockwaves and prompted many startups to seek refuge in fintech solutions for support. let's bring in andrea lamani for more on this. how much has fintech benefited or have we had to raise questions about its foundations

and overall ability to handle some of the inbound? >> overall, the world a fintech in startups has evolved quite frankly a light in the last few weeks. i would say generally, which is interesting, we're facing what many of us vc's call the opposite of the salary effect. prior to the svb collapse, startups were getting funding all over the place. nowadays, startups are being a lot more cautious around what credit and debit looks like for them going forward. that readily available capital just does not look as liquid going forward. generally, it is very hard time to be a fintech but there are a lot of solutions that are exciting. caroline: which will win out? we have seen the inflows to the likes of brex and mercury banks. are they the ones that were the

winning -- will be winning? >> startups generally have trust of other startups. they are in the trenches together. the solutions like mercury, brex are often good, low interest rate products for startups to consider to support their banking and charter they need. i think cash deposits are key as well as offering early simple solution to those end consumers. caroline: a lot of this is about confidence, not only in the founders, people putting money into the fintechs, confidence from the vc's writing the checks. ed: there's a spectrum we have had on this program across the venture capital community. many saying, no, i am plowing on, writing checks. it won't be at 2021 levels, but it is still there. is that what you are seeing? >> as the job of the venture

capitalist, we want to dial it down to our simplest form, right money, checks, deploy that capital into startups. we can't just sit on it for too long. the cautious nature of running a due diligence process has grown ever more present. i would say generally, the startups are getting the funding i would say also date can't just rely on those debt facilities as a backstop relative to what they were getting in venture equity dollars. the vc's are deployed, just not as quickly. ed: later we will be talking about man's return to the moon, around the moon, with artemis ii. lots of reports at the moment about the saudis looking at investing in spacex. what is your read on the value of that company and why is it so attractive to you? >> spacex is one of the strongest companies we see in

deploying what is going to be some really critical launches. generally, we believe and sing a massive upside potential though obviously still a private company and we have to see where it goes, is their ability to deploy launches successfully at a very high velocity in the coming years. i think there's a lot of preeminent positivity around elon's ability to do so and so for their success rate relative to other companies building mission launches has been much higher and much more repeatable than others. overall, the overhead is still high. they will need to keep raising money. we imagine several more rounds of venture funding to go there. but in terms of success and conversion rate, it has been elon and we continue to believe so. caroline: when you're seeing companies have to raise money, a lot are doing it either at flat valuation, some doing down rounds. we are hearing of some companies that have cut valuations i maybe

try to raise them again. i know instacart is in your portfolio. what you make of companies having to realign the benchmark of how you value them? >> i would say generally, the four of ninea or in --409a is something they utilize to create a price to issue stock options to new incoming employees. initially when startups start doing that value, they do it typically about once a year. then as a company grows and it gets closer to a formal exit event, that valuation and that 409a is typically done more than once a year to two or three times a year. that means a company like instacart might be doing there valuation reporting based on the reports we are seeing a lot more than once a year and at that level of frequency. with that said, we expect companies who experience high-growth in quarterly increments for even in have here increments to see that

fluctuation as material things and milestones happen within the company. i would expect we see that kind of gyration across maine of the later stage startups that are doing more frequent 409a's. caroline: how close for instacart is an exit? >> as i said, the closer you get to an exit, the more frequent these valuations occur internally. i would say typically companies that are on the cusp of a one-year out give or take duration do make sense to be doing those valuations at this level of frequency. that seems likely -- i think a copy like instacart, like many others in the late stage, have stacked their executive team and product suite to be ready to face the public market and provide a really compelling narrative going into their ipo. i thing generally, everyone is rooting for them. if it is not them, then one of the other large late stage companies to come in and bear a

strong catalyst for the ipo growth this year. -- be a strong catalyst for the ipo growth this year. ed: andrea lamani, thank you posted a bipartisan group of u.s. lawmakers take their concerns about china to california where they plan to meet with top tech and entertainment executives as well as with taiwan president wen. it is being led by gallagher of wisconsin. it will meet thursday with prominent vc's as was executives from google, microsoft and tim cook. joining us with more from washington, dan flatley. what will they talk about? >> one of the ways to sort of think about this is like a soft power to her. congress is in recess the next couple of weeks in d.c., lawmakers are looking for something to do, they have a natural reason to be in

california this week because of the president of taiwan and her visit to california this week. they are there in part to meet with her but also to do a bit of a soft power tour and eat with folks in hollywood and silicon valley and make the case to them that china represents a real threat, in their view, but also to listen to what they have to say and understand a bit more about their market concerns and why they want to be in business in china and how they are thinking about approaching their upcoming projects and things of that nature. caroline: do we expect them to be preaching to the converted? peter thiel, flagging the concerns they share around china. >> there is going to be an element of that on thursday. they will be having lunch at stanford university with some folks that may have a more hawkish view on china.

they will be meeting with folks like tim cook or bob iger at disney and tim cook at apple, they're going to be talking to people who have really serious vested interests in the chinese marketplace who may have a bit of a different view and had the influence to talk to lawmakers in a way they may not be used to being talked to, quite frankly, because they will be hearing from folks who want to continue the business lines into china and are going to be talking to them in a way that is going to be sort of informal. it will be a congressional hearing, but will be i would say a pretty strong exchange of use. caroline: how bipartisan does this run? >> at this point, i think concerns about china are about as bipartisan an issue as you can find on capitol hill. republicans and democrats don't agree on a lot these days but they do agree on that. i think there are variations

when you get down to how aggressive some folks want to be. there is no shortage of hocks on the issue on either side of the aisle. republicans tend to be more aggressive in terms of what they want to do. democrats a little more circumspect. as we saw with tiktok recently, hearing on the hill i'm sure you remember a couple weeks ago, it goes pretty deep and goes across both parties. ed: dan flatley, thank you. speaking of tim cook something caught my eye this morning. the front cover of gq magazine. silicon valley's quite visionary tim cook. not known for his style, perhaps as steve jobs was, really interesting read. going through i else from customers, the gym, then running the biggest tech company in the world. caroline: do tell me you're only halfway through the article because it is quite long. ed: he is so understated.

we know very little about the man. he is not a big social media user. caroline: and someone who is always very upfront saying he doesn't feel normal, often feeling like an outsider. what was interesting was the way in which he was totally surprised by the journalists perspective that people would scatter when he walks into a room. he still has the approachable nature. ed: there was an anecdote saying he has four faces. he would be brilliant at poker if you play. you never quite know even to his closest allies what he is thinking. caroline: maybe we should ask for a game. i am into poker. coming up, the details on the first of nash the -- nasa's first mission to the moon. earlier we were discussing ai so let's take a quick look. the skepticism we were talking about.

capitol hill lawmakers coming to california to talk china. skepticism around competition will step -- competition. this is bloomberg. ♪

ed: nasa has named the group of astronauts it is sending around the moon. establishing a long-term presence on the moon. it will lunch november 2024 at the earliest. we go to houston for the announcement. who is heading to the moon? >> it is a star-studded crew that nasa named today. we have two mission specialist, christina cook and jeremy hansen of canada and christina is with -- a nasa astronaut. just some notable things to point out about this crew, christina cook will be the first woman to go to deep space. victor glover, the first person of color to go to deep space. jeremy will be the first non-american astronaut to go to deep space. it will be a very historical mission for sure. caroline: historical, performing a lunar flyby we understand.

it is scheduled for next year. tell us where we are in the process of getting back there. >> last year, i was at the artemis i watch, the very first mission, the main big mission in the artemis program which is to get back to the moon. that one tested out the main flight hardware that will be sending humans into deep space and now time to put people on that hardware. now that mission is ago, we are going on to artemis ii and they will ride inside the or ryan capsule --orion capsule and take them around the moon and back to test it out ahead of the historical landing that will hopefully happen sometime this decade. right now it is scheduled for 2025. eventually, that will be the landing on the moon. unfortunately, these astronauts will not be touching on the surface but they will be paving the road ahead for astronauts.

caroline: lauren, thank you. not the only bit of airspace news. we were talking spacex earlier with manhattan ventures and looks like there is a competitor on the scene when it comes to spacex. south korea's first commercial rocket. it has a pretty ambitious target. ed: they want to match spacex in price, getting payload to orbit at the same price. they are born out of arms sales. this is aerospace conglomerate essentially making money selling arms to ukraine in that conflict and putting the proceeds back into space exploration. this is a sector that we will cover increasingly because it is not just the money going to it, global interest taking off. caroline: i knew you would get a pun in there. that does it for this edition of "bloomberg technology."

ed: don't forget the podcast wherever you get it. so much to discuss this week. this is "bloomberg." ♪ also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that?

you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

tim: "bloomberg etf iq." welcome to "bloomberg etf iq." i'm katie greifeld. matt: i'm matt miller. i imagine when were going to press you were shocked by the opec-plus move. katie: i was, and then to see it fade looking at the stock and bond markets. matt: individual movers today. let's get the biggest story in the $9 trillion global etf industry. oil and gold both rising after

the sho