>> this is bloomberg technology. caroline: from world headquarters in new york. ed: from san francisco, this is bloomberg technology. caroline: we will ring you a run-up in the stocks and donald trump as he prepares to surrender to law enforcement officers in lower manhattan. ed: a deep dive into the world

of electric vehicles is gm ceased to grow market share we discussed this with their north american president. caroline: we will speak to legendary athlete shakeel o'neil whose expanding his global empire in a partnership with genius brands. so much more this hour. all eyes are on technology and the markets and the nasdaq up by half percentage point on the day. we get interesting moves across the banking in tricks -- index with banks up 3% at one point. how strong is the financial world at the moment? we hear from the likes of jamie dimon in his annual letter. we hear the two year yield coming up significantly. we are seeing some weakness finally in the job market with that data showing openings are coming back a little bit.

investors seem to be moving away from tech stocks even though bitcoin is moving up. ed: we turned the corner on the nasdaq 100 in the last hour with few movers moving to the upside. tesla is on track for his first dishes worst a drop this year. virgin orbit is down 22%. it has now filed for bankruptcy which we will dig into later. the bullfrog might be a new name, up 25% and had been up more than a hundred percent on a licensing pact with johns hopkins. we will dig into that later in the program. and we are tracking the special-purpose acquisition company which is due to go public. the social media platform backed by trump markedly higher as the attention has been on former president trump. we will cover that story in a moment. it is sharply lower in the session and has failed to file

its accounting work. the focus on conservative social media platforms because of what is happening in new york. caroline: let's dig into the top performing stock funds. what they say about tech stocks, the run up in the risk rally and many have same dish of said its gone too far. some say the stock really is the calm before the storm. let's dig into it. the rally in tech yesterday and today?katie: you've heard investors and strategists say this is not something you want to touch, stocks of an operating in their own reality. when you think about the issues, we think back before the banking crisis, higher for longer. we know the optimism that maybe this would cause the fed to pivot was feeling tech stocks for a while for march.

now you're in a situation where you have fed officials from the top down saying we have a lot more wood to chop with more to go to get inflation under control. that's still an issue for these big tech names. ed: 0.3% lower on the nasdaq with a run-up in stocks is mega cap tech that's been driving it. tech is firmly in focus on why we are making those bets. katie: you've seen this in different notes across wall street from apollo pointing out that if you look under the surface of the rally, the handful of names that's driving it. if you bring it back to the macro situation, you do have a fed that will raise interest rates that would become a problem for other parts of the sector, maybe rising interest rates are not as much a problem for amazon as they are for someone like virgin orbit. even still, that's a problem and

you still have a much more expensive tech sector than you did perhaps a few months ago. caroline: particularly 24 times future earnings in europe. look at the jobs data. bring us back to the economic perspective because maybe that signals that inflation will not run rampant. katie: the bond market is reacting how you would expect. you also have tech down and if you follow the logic that some of the bulls fundtech up and spinning is that lower rates would be good for tech, that dozen seem to hold water today. maybe you are seeing cracks in the armor of that bull case. caroline: those market stone seem to agree, thank you so much. let's talk about former president donald trump repairing to surrender to authorities in new york city. his arraignment is scheduled for

2:15 p.m. eastern in manhattan. his lawyers say he will plead not guilty very loudly and proudly. let's go outside the new york supreme court. it is getting busy there. ann marie: it certainly is. just the park across from the new york supreme court, you have probably over 1000 protesters and some of them are here in support of the former president and against the charges and some are here for the charges and against the former president. there were moments where there were physical altercations. we had congresswoman marjorie taylor greene representing a district in georgia here for about 10 minutes and it was hard to hear her. you can hear these bells and whistles and drums and they were all going on because the anti-trump supporters were the ones that wanted to drown her out. all the action will take place in a little over two hours. the president will turn himself in and add 2:15 p.m., there will

be that arraignment. you are hearing helicopters around lower manhattan. he will make his way here from trump tower to the courthouse. this indictment is still under seal so a lot of questions but the reports are that there are more than 2000 felony charges and after his arraignment and all the paperwork that is done in the fingerprinting, the president will go back to mar-a-lago to get a primetime address tonight. this is the leader of the republican party in terms of the frontrunner of the 2024 presidential election. ed: thank you. we learned that the judge is barring broadcasters from broadcasting the arraignment but we will follow the headlines as they come through. a lot of activity from trump on true social. twitter appears to have changed its home but men's website into a shiba inu dog.

what's happened as a result is that digital token has jumped as much is 30%. there is not much more to it than that in this story. caroline: we are seeing a snapshot of what elon musk has been tweeting, showing maybe that this is more permanent than we think. is it silly or serious? its hard to know when the man in charge is elon musk. he promised that we would see a change in the logo of twitter. its only on the website but not if you go to the app. ed: i have not seen it on the app. i think i saw someone tweet that he had bought $5,000 worth of joe's point just having seen it --doge coin but we will find out in due course. coming up, we will talk all

things electric vehicles with general motors executive vice president coming up next. caroline: another stock we have to keep our eye on is the world of etsy. its arena acceleration of active buying growth in the near term which can support continued share gains. we are seeing some outperformance from them as the tech market is on the downside. many more individual movers to come. this is bloomberg. ♪

ed: tesla increase shipments in march from its plant in shanghai as they wrapped up a record quarter of vehicle deliveries according to data from chinese passenger car association. the jump in wholesale deliveries to dealers follows tesla slashing prices by as much as 14% in the beginning of the year and triggering a slew of discounts and incentive offerings from other carmakers, companies range from chinese ev start to international manufacturers like volkswagen, mercedes-benz and ford. the monthly wholesale figures in china are probably a better indication of production rather than deliveries because they are not deliveries direct to consumers but actual tesla global delivery figures hit a new record over the weekend but still falling short of the elon musk target. caroline: we are trying to get a

full picture of where ev demand is. does a remain with tesla where is he going to rivals? is it generally down because of the economy and we asked her audience yesterday. this time, demand for tesla ev's, is it going to rivals and 36% say it is. 39% are optimistic and still think we are full on with demand for tesla. what of the build up in ev sales from other companies? we have the outlook from general motors with the executive vice president. you updated the market on your sales including 20,000 ev's. how do uc the market share for jim at the moment? >> we had a pretty terrific quarter overall including internal combustion. we finished on top of the market in terms of retail.

we are proud of that but its the first quarter we broke through 20,000 electric vehicle sales. that comes in a year where we see it as a pretty good opportunity for us. our battery plans are just coming online in ohio and later on in spring hill, tennessee and in michigan at the same time we start to increase production of cadillac lyric and the hummer truck and suv. we have several launches behind that so we see it as a sign of things to come. caroline: the lyric seals -- sales were less than 1000. went to these numbers become really tangible? >> very soon, we are starting to see lyric shipments from the factory in the pipeline increase dramatically and beyond that, we have a solid order bank in committed customers in the thousands.

i am excited about that as well. ed: that's a key point, within that 20,000 ev number, a lot of that was chevy volt. give me granularity, give me numbers on the output currently for the next gen altium models and how that ramps through the year? >> if we take the 20,000 we did in the first quarter and we see that growing to 50,000 by the end of june and then doubling again by the end of the year. the growth within that would be 100%+ and bolt has done a tremendous job for us particularly in the affordable ev part of the market but where we see the huge volume opportunity is in the latter products. that continues to grow into 24

where we see ourselves at the end of that timeframe into the million range. its growing to 50,000 in the second quarter and 100,000 by the end of the year. ed: to be clear, the 50,000-100,000 is driven by new generation models not just bolts echo >> that's right ed: are you taking market share from tesla? >> we believe so. our share of the ev market has grown to eight or nine percent in the past several months and as we look at the share of error competitors including tesla, we appear to be gaining across the board. we see that in our reservations and trade-ins and i mentioned lyric. we see a preponderance of air competitors in that mix so a lot of plus business for general

motors particular in markets where we been admittedly challenged, the so-called smile states including california. we appear to be over indexing when it comes to ev sales. ed: we are thinking about the impact of regulation and government. steve just said california is where the energy is at what happens when the ira kicks in? caroline: the inflation reduction act. what about commercial vehicles as well? you've got the electric commercial vans and will that be helped by the government focus on theira? >> california is an example and that's true across the country in terms of how we are over indexing. we feel as though we are well-positioned with the ira including the announcements we made late last week.

we have sourced the battery raw materials in the processing and postprocessing. we feel as though most of their models will qualify for that treatment which can only help the demand side including on the commercial side of the business. we have a good uptake on the bright drop business. we are looking forward to -- we are down in that plant now retooling for even higher volume. we see a terrific opportunity there. caroline: talk to us about shortages particularly in ships that many automakers face. >> the chip situation has normalized to a great degree. we get in and out of that on a day to were week to week basis but our availability -- if i measured it in percentage of production, if we ran last year in the high 80's and low 90's of available capacity, we are much closer to 100 this year. its gone beyond chips with other

factors so its those challenges that we manage day to day which is why we are happy with our performance so far and we can continue to gain share whether its internal combustion engines or electric vehicles, particular as we are in this launch -- rich launch cadence. ed: coming off a strong quarter, there was pent-up demand with higher rates, concern about the duress on consumers a what is the gm economic outlook for the rest of the year? >> i will speak directly to the industry. we finished the third quarter in the 15.3 million unit range and see that holding and perhaps accelerating a little bit through the end of the year. at the same time as transaction prices are also holding and incentives are staying at moderate levels, dealer grosses appear to be stable and used car

prices are stable. all those ingredients that continue on a glide path of good performance we see their. we are anxious to see what we see through the first quarter to help inform what we see through the rest of the year and we have some terrific launches whether its internal combustion or ev. we are feeling pretty good about 2023. ed: steve carlisle, general motors executive vice president, thank you for your time. coming up, apple and walmart slashing jobs well version orbit files for bankruptcy, we will bring you the details next. this is bloomberg. ♪

ed: time for talking tech and we are honing in on job cuts with walmart cutting at least 2000 jobs at e-commerce both on centers. they include more than 1000 positions at a center in texas, 600 in pennsylvania at a warehouse, 400 in florida and 200 in new jersey. in additional productions planning california. walmart is not alone, apple is making cuts, eliminating a small number of roles which and it -- within its corporate retail teams. this marks the first known internal job cuts sits in embarked on a belt-tightening effort last year. the company sharing positions and what it calls its development and preservation teams which are responsible for the construction and up keep of apple retail stores and other facilities. virgin orbit tied to british building a richard branson failed to secure the funding needed to keep operating and has filed for bankruptcy.

it cut about 85% of its staff and the company listed 243 million dollars in assets and 153 point -- .3 billion in a chapter 11 position file. caroline: let's shift gears a little bit and is time for the wall street beat and we are focusing on jamie dimon's annual letter to shareholders. not only did he talk about banking collapses but talked about tech and chat gpt so let's run through it all. let's talk about the banking implications because receipt big banks down once again on the day. sanali: he talked about things hiding in plain sight and credit suisse. rising interest rate environment has pose a lot of different risk for banks that have seen deposit bases and we are paying attention to this year but the deposit base across american banks have been reduced by about $1 trillion since 2022 so a lot of pressure when you look at the smaller banks of which jp morgan

has 350 of more than 4000 in this country alone. ed: we got the jamie dimon take on artificial intelligence. sanali: its fascinating, he goes into it quite a bit and this is a big deal for a few reasons because he gives you a number, more than 1000 people involved in data management and 900 data sciences and machine learning experts and more than 600 machine learning engineers. jp morgan is a workforce of about 300,000 but when i talked about my other conversation i've had with other banks, they tell me now its been easier to hire from places like amazon than ever before. they are finding a lot of benefits and doing that sort of thing as they build their own ranks of technology to make their businesses more efficient but also more competitive. he also talks about 200 person ai within jp morgan, looking at new frontiers. in addition to ai and the ability to use ai more within his business, talks about the

necessity of the cloud and spending over $2 billion on cloud infrastructure with data centers to make this transition which he calls hard work but necessary. caroline: at a time when we know jp morgan has said you can use open ai technology when you work in the banks, they are intending to use it to fight. sanali: gets the idea of open ai technology that is self developed, there is so many rules around data and outs communicated but think about what happened with the banks and whatsapp. when you do with sensitive data tied to customers, this is a matter of choosing which technology is right but the idea of ai changing its business is different. ed: thank you for the wall street beat. coming up warner bros. nearing a deal for a harry potter tv show.

seven books, is that seven seasons? we will discuss that next. caroline: no end to the sales of that particular character. this is bloomberg. ♪ (jennifer) the reason why golo customers have such long term success is because we focus on real foods in the right balance

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>> from the world of politics, to the world of business, balance of business, balance of power is now live from our washington headquarters every weekday at 5 p.m. eastern.

caroline: welcome back to bloomberg technology. ed: i am in san francisco. caroline: a few weeks before the administration unveiled some of its most aggressive anti-hacking measures, america's first cyber director stepped down from the post. the reason was primarily due to clashes with another top official. it all highlights deep internal strife with the top cyber team. we have a bloomberg exclusive

. is it just friction at the top that happened here? >> if you go by what he said in his email which we reviewed in a story that was led by williamturton, he feels the other top cyber official at the white house withheld information from him and actually work to undermine the strategy he was trying to roll out for the nation. this is the first nations cyber strategy under his watch. its a huge accusation he is making in private to a former colleague and certainly sending ripples through the biden administration that has talked so much about creating a team to tackle some of the big cyber issues this country faces. caroline: it was seen as a dream team with deep intelligence experience at a time when we were worried about infrastructure being impacted by hacking. >> yes, and i think the u.s. was not at the pace of the threat

and some say it still is and so there is more to be done and that's what this strategy is supposed to fix and to have had this problem at the top with claims that newberger said the new office that kris inlglis was running, they were unrealistic about timelines of there is discord between the two of them. to what extent does this undermine the cyber threat. they say reports of discord have had little impact but you have to look to the fact that kris inglis has resigned and that post is not filled and they are mandated to accomplish the job so there is no one rolling out a plan to implement the cyber strategy and that's to be done under the oversight of the nec.

we hear there is an expectation this kind of friction is expected to continue with two new offices in the same white house trying to do some of the same job. ed: the core of this is a turf war which we love and technology but its also early days in the biden strategy around cyber. what does president biden do to resolve this? >> i think they have to appoint someone. they are not planning to appoint someone soon and that person would be interesting and many are endorsing the acting director at the moment. she'd been there for a long time and she be working hand-in-hand with kris inlgis so congress will look at who to give the role to in the future and to what extent are they going to try to make these teams work together? ed: thank you very much.

there was speculation among investors that china's most valuable specialist ai company was preparing to launch a challenger to ai chat gpt and shares despite -- spiked saying they would unveil a new model joining software companies now seeking to compete with open ai's creation. there is deja vu with these stories. caroline: its all around chat gpt and artificial intelligence but also how to monetize. we will talk about that particularly in generative ai and out can improve health care for example and teaching and we will talk about all as well as the process with the union square managing partner. from new york and san francisco, this is bloomberg ♪

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ed: the venture arm of the saudi arabia sovereign wealth fund disclosed its ties to more than 50 venture capital and private equity firms including blackstone and kkr. one of the first public disclosures, it said it commits $2 billion each year into venture growth and small buyout assets worldwide. other names include general atlantic, hellmann and friedman. .

let's stick in the world of venture capital in the u.s. and bring in the managing partner k rebeccaayden for her read on what's still die just of the post svb collapse. let's start with access to capital. what's your read on the health of startups and their ability to access capital in the world that has followed the svb collapse? >> we are slowly finding our norm. there is definitely a ripple effect and it will not reverse so quickly. people are trying to figure out the world we are living in and the normal but at the same time, there is a lot of exciting innovation happening with platform shift we have not seen a long time and investments are getting made. its a challenging ecosystem but its also still active. caroline: you've been writing checks in 2023. this is about mental well-being

in particular but there is also artificial intelligence. >> absolutely, everyone is abuzz with ai and for good reason. we are seeing opportunity and potential platform shift that we have not seen in a long time so layered on a complicated economic environment, there is cool stuff to be excited about. caroline: can you dig into the layers? visit the model makers? the people with the bodies of dates of these ai models, who wins out here so where will the money be made? >> i think we are in a time of his many questions and opportunities to discover as we have answers with the first question is where will equity value accrue when we know the fundamental models in the llm's are occurring a lot of value but we believe the application layer

on top and how they interface with industry and consumers will get interesting. there is just a question of timing and how long that takes to evolve. we think the consumer applications and how ai and some of these opportunities intersect with education and health care will provide major opportunities. caroline: alife is one investment that's been talked about and that really is an application of ai to increase your chances of getting pregnant. its ai within health care. we start to see in some ways some marketing play when it comes to ai? ed: that's what intrigues me. do you invest in companies working on the underlying technology, trying to move artificial intelligence forward? would you go into those companies trying to seize the technology and offer a service using it? >> i think there will be major opportunities in both. for us, we are interested in

that application layer and that intersection with industries and alife is a great example. you think about the opportunity for massive bodies of data to impact have diagnosing works or how women can get pregnant and how you can take opportunities where people are making decisions based on individual experience and bodies of knowledge and instead apply the universal data sets to personalize that. you can think about how that applies to all sorts of things and that gets exciting. ed: you are a thesis driven venture firm so how much do you pay attention to the 1100 or so ai participants who said its time to hit pause on developing next gen tech? >> we pay attention to that and a lot of the complexities. as with any technology shift, there is opportunity and a lot of questions. i think we've learned from prior technology ships that maybe we

dump ask those questions enough and ai is one where we need to ask them and they will be massive opportunity to drive value and personalization and drive access. we also have to think about the implications. i do know if that answer is the right answer but its on all of us and particularly investors to think about the questions and the potential and the value it creates. ed: we been so busy uttering the words artificial intelligence that we do mention crypto and currency. caroline: that seems to be the new twitter game of choice. one company is focused on web three. what do you make of the hype seida -- cycle of ai and crypto check >> crypto is in a challenging moment.

partly for good reason but the usb interest and crypto is about the underlying opportunity for decentralization and what that can do for innovation, technology, data, drawing back power to platforms and we think that opportunity is stronger than ever, maybe not in those and tokens so we think it will be cyclical and seasonal but we are excited about it. caroline: cyclical and seasonal but where are we now in terms of finding the right founder and where are you finding them? is it a global focus at the moment? >> one of the most exciting things going on is that people are building great technology everywhere. we are very excited about the new york ecosystem. when entrepreneurs have had a chance to choose where to live, many have them choose new york even more than before. we are excited to contribute to

that growth. the usb portfolio is global. we think teams are increasingly global and innovation is coming from many different corners, particular yes technology and industry intersect and we think that will can -- that will continue. ed: we are trying to see how 2023 will look compared to last year. broke rounds seem to go away in 2022 in your industry colleagues talk with optimism about early-stage. how can you be nimble in that respect? >> usb is a focused fund and we focus on series a investments and only go a bit later. there is a lot to look for in the early innovation system. we talked about ai but we talk about crypto but there are many other corners as well and technology is driving value so early-stage, we see a lot of activity. growth stages hard right now.

you are seeing the market way to figure out where things land. i'm not so sure that will settle very soon. its still a stretch at headset 2023 may be slow there as well. ed: you are out there in new york city with my good friend caroline hyde. what's it like being a vc in new york now? >> new york is thriving, its an exciting place to build and its exciting place to invest in the community is really strong. we are seeing lots of people come through. they stop by and wind up making it their permanent home. the talent ecosystem has drawn -- has grown tremendously. coming out of the pandemic, people felt more choice about where they wanted to live and when that happened, they love new york because its a fantastic city. its not without its challenges but its a great place to live and meet and think about that intersection of how technology

crosses the other ways we live. its never been more exciting to be here as an investor. caroline: we love running into it with you. great to have you with us. we talked about the new york scene so let's get back to san francisco. you love soccer and its getting a new life with a professional soccer team. sheryl sandberg and former national team stars are involved. its a $25 million investment led by 6th street and they say is the largest to date in men's soccer. let's take a look at meta-for sheryl sandberg. its just trading flat today even though the rest of the market is lower. the company has been relatively impressing wall street with analyst turning more bullish on the cost after they cut costs and stabilizing advertising trends. the stock looks more durable in an economic slowdown so city

analysts. ed: coming up, warner bros. nearing a deal for the harry potter tv show. we will bring of the bloomberg reporting which took a lot of people by surprise friday night. twitter has been sued for the layoffs of contract workers without giving notice. this is a class action lawsuit which follows on from the 2022 mass layoffs and headlines coming out and being sued for layoffs. that was a big part of the elon musk first action when he came into twitter after buying it. we will track that story for you. this is bloomberg. ♪

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ed: warner bros. is nearing a deal for a new harry potter television series. each season of the series will be based on one of j.k. rowling's seven books, suggesting years of fresh content. chris palmeri joins us for the details.

this is part of a broader streaming strategy, what do we know? >> the ceo of warner bros. has had trouble since the big merger last year. people are not convinced that their strategy is sound to do this big deal and take on $50 billion in debt.he's been trying to refocus the company on high-profile franchises and they will cut through the clutter. it does get more high-profile than harry potter. caroline: how hard has it been to convince j.k. rowling to go this route and focus in on more tv series? >> this has been in the works for years. the previous management started it and it still not a done deal. its pretty close. there are some issues that emerge recently with j.k. rowling's who's very opinionated so her team has to navigate that issue. they want her unique

storytelling skills involved in this project. this is a complicated, big deal but it looks to be close to being announced. ed: myself and the producer have been playing hogwarts legacy on ps5 or xbox. the point is that this is a brand that is broader than just the films. how does hbo use that strategy? >> warner bros. has had the film rights for a long time and the prequels and this spills over into so many universal theme parks. its also the book publishing but there are so many elements of this that warner bros. can still tap. as these companies plan is big event wednesday and will unveil the new hbo max, they need these marquee properties to keep subscribers engaged. that's really the big payoff for

warner bros., its a long-term term, high-quality franchise. caroline: seven seasons, we will see who can get their way through all of it. great to have you, thank you. let's return to what's happening in new york city. former president donald trump is preparing to surrender to authorities. his arraignment is scheduled for 2:15 p.m. eastern in lower manhattan. lawyers say he will plead not guilty. annmarie hordern is in the crowd outside the new york supreme court and it seems to be more people, more jostling so how does it feel? annmarie: since the last time we spoke about an hour ago, more people are starting to gather. many of these individuals are split 50/50. those in favor in here to the former resident and those that are here to support his indictment and this arraignment and want to see the end of trump world.

there has been a higher presence of security of nypd and journalists that want to capture a moment of history because this is not just a former u.s. president but this is the presidential candidate, the one leading in the polls for 2024. one thing that has certainly been apparent since the news of the indictment came about is trump's campaign every day has been updating us about how much money the campaign has been bringing in. at this moment, its north of $8 million. he is a very -- he has a strong base come about 30% of the republican party but this has made other republicans, out and go against the manhattan d.a. in support of him. ed: the judges not allowing broadcasters in for the arraignment. do we expect to hear from the former president? annmarie: i was speaking to

someone a little while ago who said there is a possibility the president would address the crowd. that will be very difficult. this is a high, hostile place at times and i saw a physical altercation between two individ earlier. we know the former president for sure will be giving a primetime address at his residence in mar-a-lago. when he leaves the court house behind me, he will go back to palm beach and that is where he is going to address supporters and some very strong republicans that support them in congress. today, we had the likes that you would see in mar-a-lago, marjorie taylor greene as well as george santos, congressman not far from here in long island. they came out and supported the president and you will see similar faces in mar-a-lago and similar rhetoric from the president.

he said there would be death and destruction. ed: thank you. caroline: that does it for this edition of bloomberg technology. ed: wherever you get your podcast, this is bloomberg. ♪ at morgan stanley, old school hard work meets bold, new thinking, ♪ to help you see untapped possibilities and relentlessly work with you to make them real. ♪ these days, an our households depend onyou the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us.

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>> we are live from bloomberg's world headquarters in manhattan. >> from the studios in washington dc, i am kailey leinz. welcome to bloomberg crypto. coming up, bitcoin surging to the top of the financial leaderboard last quarter, but how durable is this year's rally? glen goodman ways in. -- weighs in. matt: