>> from the heart of where innovation, money and power collide in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde at world headquarters in new york, ed ludlow is on assignment. this is bloomberg.. gs mc jumps despite global slump in chips. tesla risking margins to boost sales all humans. they have been cutting car prices on a near monthly basis and elon musk hinted at more

cuts to come. spacex is one step closer to getting humans to mars after getting it starship off the ground. we break down the surprise ending for the historic launch. but first we check in on the markets. we are actually getting some reprieve to some individual movers today. wanted to go up more broad to start but i will go in on the micro, ibm up .9% as a gave a forecast in line with analyst projections, a cautiously optimistic sign amid this uncertain economy. up 7.7 percent, managing to outperform as some of the china curves are not impacting the company as much as it had anticipated. we have breaking news that biden is to unveil china investment curves before the g7 summit in may. we moved back to the broader indices, nasdaq off by .5%, headwinds in the economy, signs more of those recessionary headwinds upon them of the jobless claims higher than expected, some business macro

data not ringing so strong today. the two-year yield falls on the back of potential for the federal reserve not having to hike so fast, we are at 4.16. bitcoin as we see risk aversion down by 2.5%. all of this as we try to digest what is happening and lambright search on the higher side of things in terms of chips. but we sought moves of tsmc in particular rising even though perhaps we saw signs of concern around this business. here with us, just walk us through the adr of tsmc up even though we are still bottoming when it comes to the chip cycle according to the ceo. >> and the results are much better than feared. the pricing grew 11% even though shipments were down 15% but pricing held up nicely which is reflected in the gross margin. compare the tsmc gross margin versus microns. the worst quarter in the history

of the company, -31%. in the case of tsmc, a 200 or 300 basis point decline and the pricing held up well. they do not cut. there was speculation they're going to cut their capex. they reaffirmed the capex for this year. caroline: they are spending because they have to diversify their own supply for their own user largely because of what biden is doing in terms of executive orders to target china u.s. relations. mandeep: they have to open overseas lies can -- labs, one in arizona and one in japan. there talking about production being live in 2024. have no choice but to diversify and that is where the impact may show up. they will not be as profitable as the ones in taiwan right now. that is the longer-term risk because as they diversify their locations to factories, it will have an impact on pricing and

they cost structure. that is a risk but they have the visibility and the commitments from their strategic partners like apple, nvidia. these are the customers and they have visibility for demand on the three or's coat nanometer note. i'm worried about this, what will happen to them because of what we saw with micron. if you are diversified now, you are in a good spot. tsmc's exposure to high-performance computing was 44 percent after revenue. smartphones was the largest segment and now it is high-performance computing. that is where the ai chips come into play. if you are not diversified right now as a chip manufacturer, you have a problem. caroline: you push us forward. trying to read the tea leaves when an ibm is out there saying we are a bit more upbeat despite slowing and headwind of the

economy. you have to be in the right place at the right time. mandeep: autos are a bright spot, it could be the next high-performance computing segment. high-performance computing was smaller three years back. that is where if you are a manufacturer you need to diversify. i think that is what intel needs to show in their report earnings. caroline: it is coming a reality. mandeep singh, pushing you forward on the next set of earnings. from chips to ev's in terms of earnings, tesla down quite hard after first quarter margins were hit by a slew of price cuts. >> we reduced prices in early q1. it made our operating margin remains among the best in the industry. pushing higher volumes and a logic fleet is the right choice here. this is a versus -- versus a lower volume and higher --

caroline: let's bring in steve wesley for this. is this the right course, short-term pain from long-term market share? >> absolutely. solid q and results, on a way to doing 1.90 2 million units this year. 23.3 billion dollars in revenue, slightly above forecast. net profit 2.5 billion, the 15th consecutive profit in a quarter. share price up 51% for the year. hard to argue with those numbers but i think they are doing the right thing, cutting costs, expanding market share is a smart move. caroline: revenue is rising, 24%. you say it is hard to argue, but investors are. they are cutting the overall market capitalization on this company. what do you think investors got wrong? they get to ambitious? >> there is probably a bit of that in the market place. but as elon said, this is one of

the most profitable auto companies in the world. they can afford to trigger a global price war. and they are taking price cuts and prices down six times this year, twice more in the last 30 days. that is stunning. they can afford it. others can't. people need to understand, is there a demand issue? absolutely not. the entire world is going electric. customers bought 10 million electric vehicles last year and are projected to be a 20 million vehicles a year within three years. there will not be a shortage of demand. yuan is a smart, he is buying market share when they can and the move is going to pay off. caroline: the operating margin is down but it is still above 11%. you look at gm, 6.6%. ford, 4%. is there concern around elon and his navigation of this company?

he is meant to be giving us the cyber truck reduction soon he is still kind of distracted with what is going on with twitter. he also has a space company picking big strides. steve: who knows how distracted he is? looking at the numbers, you have got to be pleased when the car company is going from 1.3 one million in vehicle sales last year to 1.9 and 2 million this year. they are just growing faster than anybody else out there. second, because tesla has been smarter and executed better on the profitability issue, because of three things. first to bring battery production in-house lowers costs. second, the clear leader in ota software. they are miles ahead of anyone. the clear leader in the roboticism asian. -- roboticism-- roboticization.

almost five times the gross margins of ford. the numbers will come down but as long as he can expand the tesla name, i think tesla will be looking good. he is making a move that will hurt him for the short-term but it will pay dividends for the long-term. caroline: you talk about how demand is not the issue. i want to bring in another viewpoint from a key senior equity strategist at federated hernias. listen to what she said. >> the last couple of years with covid, you could not find a car and then there were too many. there was a glut of used cars and now tesla is saying we will sacrifice margins in the name of using this factory space. as long as the consumer still has money, that is a blessing. a piece of disinflation. they will probably to him up on it. caroline: anything you second guess that the consumer has

money? >> not really. i agree with what you said. but when tesla brought out the motto three, all out the door it was about a $50,000 car. today it is at $40,000 and with stimulus and state, it is down to about 33,000. it is close to where a honda accord is. those prices there are not going to be any manned issues. that is why long-term -- any demand issues. that is why long-term he's making the right move. caroline: what do you want to see in investment and expanding production? when they have their master plan they came out with this year, it felt like some production levels were extraordinary. steve: they are. you have to look at the other competitors, gm or ford, they have one or two plans. tesla has four factories, a new

one coming in less than 12 months. new plants in shanghai and already online. tesla is just moving faster than others and you've got to give them credit. look at the numbers in comparison. in the honorable mention category, ford announced 10,000 ev unit sales compared to 423 thousand for tesla. general motors at 20,000. they are not catching up. they are falling further behind. if we step back and look at it, the major competitors to tesla are two chinese companies. byd. this is a global changing of the guard. investors should look back and see tesla is extending their lead, the chinese are coming quickly and a lot of these smaller firms are going to have

a hard time making the cut. elon is pressing consolidation in the industry and i think he will be the winner. caroline: that point about china. some chinese to matters are frustrated by price cuts. with the chinese investment is there. we know commitment to shanghai, not only with car production but battery production. are you worried about geopolitics? we hear that president biden will in vale china investment curves before the g7's. he does not want tesla investing in china. steve: there is a tale of two cities. china is the world's largest auto market and tesla has moved quickly to put a facility there. they are killing it in china. the flipside of that is if there is ever a duplicate crisis, anything like what happened in ukraine where russia

nationalized a lot of companies, tesla will be in a world of hurt because 40% of their capacity comes from china today. in the meantime, if you want to win in the auto industry, you have got to play in china. it is the largest market in the world. seven of the top 10 biggest selling ev's are chinese names. right now, tesla has played the game well. if you are elon musk you have to go to bed every night praying that the cold war with china does not get worse. we will see. caroline: i think he is on a sofa. steve: the factory floor. caroline: thank you, steve wesley, great to have you. president biden aiming to sign an executive order in the coming weeks that will limit investment in key parts of china's economy by u.s. businesses. that is according to sources. the administration has been

debating the measure for almost two years and plans to take action on may 19 in japan. the second time was not the charm for the spacex starship rocket launch which exploded in the sky minutes after liftoff. but there were positives amid technicalities. we will dive into what elon musk had to say. let's look at another key earnings read after we saw at&t, with numbers. we are down on this stock. missing analyst estimates for free cash flow. they added fewer subscribers than a year earlier the they did beat more than 400,000 at in. free cash flow was more than one billion and wall street wanted more than three. from new york, this is bloomberg. ♪

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caroline: spacex starship rocket did not complete its mission on the second launch attempt. it it appeared to explode in the sky after lifting off from the facility in texas. more on these events from bloomberg's lauren, who was at the launch site earlier. elon musk said as long as we don't blow up the launchpad -- they did not. lauren: they've got pretty far away. from the ground it was a spectacular site. well before the explosion happened, we could feel the rumble in our chest of those 33.

when i looked at the livestream, not all of the engines were alight so there were problems. we would like confirmation. they did get valuable data from being able to clear the launchpad. but something did not go right to .5 minutes into flight. the stages were supposed to separate and instead they rocket veered off course. caroline: i think we are taking some hits on this line. i will ask one more question and hopefully the line stabilizes. spacex did experience a rapid unscheduled disassembly before stage separation. nuance there. push us forward. we knew there was a delay and then they came on 4/20, a key day for elon musk.

a description on what went wrong and the next test flight? >> i want to know what caused the mishap. why did that separation not occur as planned? what was going on with the engines that appeared to be out and i would like to know whether or not the rocket broke up on its own or if they terminated the rocket with the flight termination system they can use to blow up the rocket to protect the uninvolved public. and how will they incorporate the lessons learned from this flight into the next one, which elon said would happen in the next few months. looking forward to the timeline and the root cause of the issue. caroline: we continue to keep across all of it. thank you for making the time. let's turn our attention to the financial world for a moment. american express set aside more cash for cover -- to cover possible losses as the economy slows.

the ceo would say this is a normalization. shares fell despite spending volume climbing 14%. i spoke with the ceo about investments in financial technology in particular. he said we had ai in our models forever, credit models, how we market to our customer. where we are thinking about ai more is in our customer service. he made me chuckle with the fact that the new technology a couple years ago was about blockchain, now it is gpt. we just have to do it in a controlled way and make sure you find the right business case. more on what they had to say in the 2:00 p.m. hour. a look at the big tech that exposes the danger of tiktok's algorithm. this is bloomberg. ♪

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caroline: today's bloomberg big is emotional. it sheds light on the ways in which tiktok's personal feed can be a stream of anxiety and negativity. as part of her series on tiktok and trust and safety issues, bloomberg's olivia carville writes that the app has led teenagers down rabbit holes of self-harm, depression and suicide. lisa joins me and it is heart wrenching, a mother after the death of her child having to look at the terms he searched for on tiktok.

batman, basketball, weightlifting. what did he get? lisa: what he was seeing was a stream of content about anxiety, depression, unrequited love, self-harm and suicide. i watched this account and it sent that content even today. it was difficult to see what he would have seen and try to put yourself in the shoes of a teenage boy watching never-ending streams of sad videos. caroline: what does this say about an algorithm that in many ways people turn to tiktok for joy and fun? why is this happening to vulnerable children? olivia: that is what his parents asked. i thought it was about creating joy. they thought it was funny, happy dance videos. when i went to meet them in long island this year, they asked where are the happy videos?

we were looking at his account and there were no happy videos. tiktok said it has worked on this issue and has been working on it for years. trying to break up repetitive videos about the topics, whether depression, eating disorders, or suicide related content. what this account shows us is that those efforts have fallen short. in some cases they have not worked. caroline: tiktok has responded. a spokesperson said they are committed to the safety and well-being of their users, especially teenagers. researchers and child psychologists are getting more anxious. can anything be done from a regulatory perspective? where does it go in your reporting -- reporting journey? olivia: concern for researchers is this looming youth mental health crisis. new data is showing that kids

are experiencing higher levels of hopelessness, suicidal thoughts, anxiety and we are seeing explosive use of social media. while causation is hard to prove, the correlation is in front of us. it begs the question of what more can be done? tiktok is not the only platform that has a recommendation engine pushing harmful content to kids. one call we have seen time and time again from researchers is give us transparency. let us study your algorithm and understand how it works, what powers it. now, these companies are not willing to provide that transparency to researchers and that is frustrating the academic community. they feel locked out from studying a phenomenon that is impacting millions of kids around the world. caroline: you keep bringing us transparency and we thank you. amazing, heart wrenching. olivia carville. we will talk about some thing

different coming up. european lawmakers passing a rule to govern the crypto industry, a report from the u.k.. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

caroline: welcome back to "bloomberg technology", i'm caroline hyde in new york. let's check on the markets. we are under pressure from a big tech perspective, nasa coming outflows, off by .25%. the jobless claims are ticking higher, macro data not as pretty. instead of bad news being good news in terms of the fed, today it is bad news and we are worried about the economy. money off by microsoft over a quarter of a percent. yesterday, musk is potentially threatening microsoft with a lawsuit over ai.

on the flipside, alphabet has been the underdog but they seem to be on the rise, maybe using generative ai to create ad campaigns. let's look at the other previous area of exuberance when it came to tech. up by 3.2%, some calm coming out of the financial market, the banking market in the u.s. among those earnings come in and we see a little weakness in the world of youth -- in the world of either. let's talk about crypto, not the price moves but emily nicole joins us -- let's see what is being decided, in terms of the package in terms of tech and

crypto startups. >> the eu has been working on its crypto legislative package for the last three years and has finally hit it. the european parliament finally approved mica, earlier today. what that includes is basically a bill of rules that means crypto companies seeking to operate from the eu need to register in one of the member states and that allows them to passport approvals across the block. it puts in place risk management and corporate governance structure so that companies are able to operate within the eu under the purview of super bowl through -- supervisory authorities. caroline: the talk was tough coming from the representative saying to provide a safe haven no longer to forge criminal

organizations, a unified way of regulating crypto, it has to be joy to many founders years in some way. emily: the crypto industry is very happy because any rules at all are good rules. bespoke rules of crypto. and in the eyes of the industry, it does not fit into the services but not every regulator agrees. in the u.k., the rules were set out by the government earlier this year. we heard someone in the -- gary gensler in the u.s. saying crypto should fit these roles in the u.s.. the companies when they come into the sec don't like what they are hearing. caroline: no wonder -- we thank you. from crypto the crowd -- cloud has been regulatory uncertainty. we have had a lot about the

crypto spear choosing miami in the u.s.. bitcoin miami is around the corner. it is supported by the pandemic and shifting work trends. so we want to focus on it, the emerge america's conference is kicking off in miami now. bringing vc tech on spinners together for two days. let's bring in the ceo. wonderful time. you have been nominated as the u.s. representative on the board of the bank group by president biden. big tasks at hand. talk to us about what is happening and the signature event, launched in 2014. how many people are you expecting? >> thank you for having me on. emerge america's was founded in 2014 with a singular focus. and a global tech hub. we do that by convening all tech

holders that make up any thriving ecosystem. from startups to investors, the entrepreneurs, the capital and the talent, we tell the stories of how south florida is transforming. we are doing this to capitalize on this moment. today we have more than 20,000 attendees from all around the world that are convened here to showcase their new startups, their new investments and to make those connections to help take their businesses to the next level. i would say talking a little about -- dovetailing from your previous speaker, if last year was all about blockchain, this year is all about ai. we have literally the guy who wrote the bible on ai, the former ceo and chairman of google will be keynoting

tomorrow. i just got off stage with that seven-time football champion and entrepreneur, best selling author tom brady who was our opening keynote this morning. caroline: i would associate tom brady more with crypto, blockchain. is he pivoting to ai? how are you seeing a build up in vc money allocated to miami taking a hit from 2022 like the rest of the tech world because of the pullback in crypto vc money? >> it is a great question but it is more a myth. the data speaks for itself. miami has led the nation in terms of venture growth, number one in the nation for activity since the start of the pandemic. while the rest of the world could be contracting, miami continues to expand. we have grown about 240 8% since the start of the pandemic.

and while investments continue to focus on fintech, we also have been one of the leading health tech hubs and i would argue also for climate tech with this being important to our community and the region as a whole. caroline: but money must be pulling back. how's the money in terms of sponsorship coming for your event pullback compared to 2022? felice: the reality is no. we are pacing ahead of where we were in 2022. we have more enterprise tech companies microsoft, google and dell for startups. we have more space on our expo floor and they partner with us year round. we are at platform so we organize a startup pitch competitions, innovation

challenges, investor summits year round and these tech leaders are not just planting a flag in south florida. they are looking to also expand their footprint. caroline: resilient to macro trends. we think you so much, felice gor odo. a farther look at that miami vc scene, one of the partners at the event, casber wang about boots on the ground in miami. and one company, the shares off by a quarter percent but interesting moves in terms of how much they are building up. the largest e-commerce company in latin america, bucking tech layoffs by adding 13,000 workers next year. this is bloomberg. ♪

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caroline: time for our vc round up, starting with a 12 point $1 million venture fund, september global -- tiger global. taking a hit from the ftx. nft is in their portfolio. jp morgan is closing its inaugural growth equity fund with over $1 billion in aggregate capital commitments. 80% of which available to deploy new investment opportunities and to help portfolio companies scale. let's stick with the bcc and funding. let's get back to the emerge america conference in miami. crypto and tech workers moving

there, vc deals. here in new york or the bay area, bringing in only a fraction of deals compared to major hubs -- hubs, will it bring in more? a partner at -- ventures, we want your read. you don't have an office there but are you making investments there? casber: thanks for having me. we don't have offices in miami but we look for opportunities outside of bay area and new york and the core tech markets. the innovation here at merge and the router miami city has been amazing. i have gone the opportunity to talk to founders in areas like crypto, ai, developer tools. caroline: your largely focusing on bigger, leader stage companies. what are the opportunities for that in ai? we were hearing from the ceo of

emerge saying this year has pivoted to all things official intelligence. what companies attractive? casber: yeah. we think ai is a super trend for the next decade. in the short-term, that processes being disrupted by ai from a value creation perspective are better captured by incumbents to some extent. if you are trying to build an x generation salesforce, it could potentially do better. i look for companies with a unique take. compared to the internet, we don't have news speed as a way of consuming content and all the way on facebook it came from the newsfeed. we are waiting for the long-term value creation.

multiple pockets of ai come in and create real value and disrupt the existing prophecies. caroline: there are a lot of people suddenly in ai company or startup that -- how are you ensuring that what they are building our changing the way productivity could be? casber: it is emerging so fast and it is hard to track even from an investor perspective. we have been investing in ai for the last decade almost. it is not brand new. it is the german models themselves have been a new way to interact with human beings and add certain chat functions that are familiar to users themselves. i look for a founder with a unique take on a specific problem and not necessarily

dropping -- better advantage, the technological advantage. the area going back to the point earlier, ai applying to existing business process does not solve the distributional problem and the incumbents own dissipation. that is a big thing. i keep trying to challenge founders, what is their unique take? caroline: what seems to have the crypto world concerned right now is regulatory lack of clarity. we still have a lot of concerns in the way in which ai is being built, the ethical nature in which it can be scaled. you worry about regulation? how do you see the ceos and founders navigate that? >> that is a great question. i think it should be top of mind

for leaders and builders at the same time. i think about the sense of you try and build first and ask for forgiveness later. that philosophy and mentality does not necessarily apply to ai. despite the fact that in some sense we are closer, we are not that close yet. we do have time to figure this out for me framework perspective. we do want to see clarity around regulars coming for companies and founders who play within that and it takes time and practice and given how fast the space is evolving, i'm assuming regulators will probably come next year. caroline: you specialize in partnering with b2b companies as well, not just ai. there are cybersecurity, almost economic resilient building of

cyber companies. where else is attracting you? it can't just be checks being written. casber: 100%. going back to the point on ai, i don't think about ai specific companies. i think about how people apply ai into cyber, marketing sales and all of these pockets. you don't find a company and state we are mobile. like tomorrow we won't see companies saying they are ai only. cyber is incredibly tied in space. it has been the top priority for the spending everybody is looking to get less. the analogy i use is like our iphone. when we first got it, we got 10 apps. now we have had 1000 and we are not going to download new ones. similar things in cyber where the key buyers are looking for consolidation. secondly, what is interesting is

the shortage in -- the talent shortage in cyber is not going away. there will be opportunities for companies to come in and provide not only alerts and insights for the companies, providing solutions for those companies and buyers who want to tackle cybersecurity challenges. exciting. caroline: how much are these founders having to get to grips with where valuation is even with something as exuberant as ai or cyber? casber: i don't have a crystal ball. i will say valuation is coming down in real time. it is bridging the public market and the private market. at what point do we get to equilibrium? we are probably a couple of quarters away from that point.

efficient growth has been a trendy word this year. for good reasons. one key underlying statements behind efficient growth is not all growth is created equal. we will have high growing, high-profile companies flying today that might not be a public ipo company that could go efficiently. what happened now is investors are looking for two points, efficient growth early on in company cycles. looking at growth early on, series a and b, they are asking for growth sooner than later. which is not impacting the funding market. caroline: how much are you being impacted by the fact that the exit market is close? there is consolidation but maybe not so much from a regulatory perspective, from big american companies being able to buy out smaller ones as we have seen and the ipo market shut? casber: most of our portfolio companies have years of cash on

their balance sheet. we believe most of our companies are building resilient b2b businesses. the way i think about it is economy is a function of productivity and growth. this is a big driver behind the increase in productivity and growth. a lot of our companies are impacted by that. it is just how we get from point a to point b while surviving this downturn. caroline: great to spend time with you. have some fun at the conference. a partner at sapphire ventures. sticking with miami, looking at it from a different lens, tech media workers on high alert from companies like meta disney, buzzfeed preparing to lay off hundreds in the coming days. talk to pipeline equity ceo katica roy. speaking of buzzfeed, shares coming off by 23%.

there sitting down the news operation as part of a retrenchment that was a result of 180 layoffs. the revenue officer also departing amid cutbacks. this is bloomberg. ♪ the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com

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coverage of the emergent america conference with a look at the labor department. ceo and founder of pipeline equity roy joins us. taking action against gender binaries -- biases in the workplace. we look at the headlines that buzzfeed is going to lay off people and meta is starting, are they thinking about how they lay off people and how it affects their overall gender equity and other areas? katica: what we have seen so far is that is not true unfortunately. for instance, the tech labor force is about 26% women, yet so far they have been about 65 percent of those laid off. it is unfortunate because we are taking a step backward in terms of gender equity in tech at a time when we need to be moving forward given the advancements in artificial intelligence. caroline: everyone is so excited. how does your overall data work? what do you use ai to do? katica: we ensure that every

people decision companies make, pay, performance potential are equitable before they are made. a lot of companies do pay gap analyses and what we do is ensure the pay gap is closed and keep it closed. caroline: how does ai take that forward? are you seeing other companies develop this? katica: we are seeing if you look at performance reviews, what we do is look -- we use natural language processing and found about a third of all performance reviews are biased. we can put -- prevent that before it becomes part of a employment record and it catalyzes companies toward equity. our customers increase equity by 67% in the first three months on our platform. caroline: we love hearing how ai is being used practically. a pipeline equity -- that is it

for "bloomberg technology". check out our forecast on apple, spotify and i heart. this is bloomberg. ♪ ing returns. avalarahhh ahhh i screwed up. mhm. avalarahhh 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

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kriti: bloomberg markets starts right now. ♪ let's dive into the section the s&p 500 is down just marginally still, not really seeing that lead into the broader market that you would expect. there is a little bit of sustainability and the idea that the fed will be ending their tightening cycle. it should be good news in theory, but it's not. we will dive into why in just a moment. we are looking at a 10-year yield at 3.53, down five basis