>> from the heart of where silicon valley collide and beyond. this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: i'm caroline hyde at bloomberg's world headquarters in new york. ed: i am ed ludlow in san francisco. caroline: a conversation about the future of technology with the stability ai, that just launched a chabad to rival gpt

-- launched a chatbots to rival gpt. ed: price cuts and more shareholders are concerned he is spread too thin. caroline: earth day is coming up and we look at the pros and cartons -- pros and cons of carbon capture technology. let's look at what is happening with public markets. i wanted to show what is happening in terms of the benchmarks. i don't want to steal ed's thunder because this is one of the individual stocks but we are seeing may be completely flat on the nasdaq. we are going past some of the view of the macro perspective. we had the pmi data sub business activity showing strength. does that mean the fed does not have to hike? two year yield up for basis points, far more volatile than some of the benchmarks recently. i shine a light on crypto, a downward week, off by 7% in the crypto space. just by .6% on the day, relatively beautiful.

let's move it on and have a look at what is happening and really where we look toward earnings. i think this is what is capturing attention and why we see caution in the market. we have overall seen perhaps -- we will move into here, can't get that particular chart but i wanted to show how much of the heavy lifting technology has done, particularly in the s&p in the fourth quarter -- first quarter. ed: you see points movers on the nasdaq 100, that is what is driving indexes. amazon i was excited about this, because it is moving to the upside, up more than 3%. the headline of the last 24 hours is cuts are coming out the whole foods division, particularly in corporate roles. we know where amazon is trimming and layoffs started, and it is interesting whole foods is seeing some of that action. tesla has turned the corner in terms of its direction, momentum in the last hour. we are higher than more than a percentage point having markedly lower in the session.

the emphasis overnight is on price raises here in the united states. we go back to earnings a couple days ago, from elon musk, more price cuts could come because this is a company that is willing to sacrifice margin and profit to sustain the rate of growth it is targeting, 50% or so on an annual basis going forward. caroline: i think they will be diving more into the individual moves and tesla in a moment but first let's talk about the geopolitics at play. surrounding technology. president biden has been saying he is going to crackdown even more on u.s. investment in key parts of china's economy including chips, ai, quantum computing. we have coverage from d.c.. we got the great scoop from your team in washington about the move before the g7 summit. how lucky are we to see allies agree with this? >> the mood music is not good right now that they will all join hands at the scene at this but they might give cover fire if you will and biden what a

coalition of the willing when it comes to squeezing china -- these key sectors and squeezing investment in china. even for instance if europe, canada, japan are enacting the same restrictions, either they give explicit or passive blessing, it seems the u.s. will go ahead with this. this is our colleague reporting it. it will be aimed at a few sectors and it is per limitary. itself is still in the works, it would then lead to regulations which take a long time and the devil is in the details. this is still early stages. what it looks like is the u.s. will proceed, probably on its own right now according to our colleagues reporting with the blessing of its allies and support with further risk in beijing and washington, sort of wrangling over these economic restrictions has been on the upside. ed: the logic from the and

ministration whether it is semiconductor or artificial intelligence-related has been a concern that china would apply the technology for military or security purposes going against the security interests of the united states. in the chip sector, you have taiwan caught in the middle. that is an example where the united states has allies in netherland, japan in terms of curbing chip exports. what is the latest there? josh: it's reporting that taiwan is into little bit, that the u.s. is lumping taiwan into its push saying effectively if you're trying to reorient away from taiwan as part of a reorientation away from china, in a way you are distancing yourself from taiwan which not only the u.s. is looking to support broadly and on the question of when it would ever come to a military defense about taiwan. this is the big question, the

u.s. is trying to steer those supplies away and that has peoples backs in taiwan saying we are trying to be your friend here, maybe just don't lump us in with the same big brush when it comes to dealing with these issues. the u.s. is trying to do -- interestingly their peeved at the commerce secretary who they think have been really ringing the bell on this one. ramonda said the u.s. is not looking to make 100% of chips in the u.s. but they need to make more. it is not just a question of spying, espionage, military capability, it is a question of availability. josh: certainly the conversations around the world are at the concentration of supply chain in asia and not bringing necessary all onshore 100%. thank you so much. another rival to open ai's chet gpd had the market. it is stability ai, a chabad

tool designed principally for researchers but the model is already experiencing issues in answering simple prompts like what is five plus five. by meandering into a meditation about square inches and feet. what does that mean? stability ai acknowledged its growing pains with early technology. we also reported a bloomberg the company raising funds at a $4 billion valuation according to sources. let's get to that with the ceo for more. welcome to the program. caroline and i have been looking forward to speaking with you. this model, it is targeted at researchers, little nascent. what is it you think researchers will do with it? >> i think you have to two paradigms, you have large models which includes open ai, chai gpt, google, etc., then you have others where people are taking these models and experimenting with them and doing wonderful things. last august, we collaborated on

a more stable diffusion. this text image model drove avatar apps, one of the top 10 apps on the store, and the della -- developed community overtook and within two months that has become almost as popular as x in terms of people working on it. they basically take a gigantic model and instead of taking it secretive, you start with the seat and build it up. it will get better and better from people. as the whole world comes and extends it, we will see what happens. ed: taking us to an interesting place early which is everyone focused on the kind of billions of parameters that open ai is using for its response. a lot of people out there, the inputs are based on a few hundred million parameters, the lowest scale requiring less computer. there is a question of a guard rails and i'm interested in what

guardrails you put in place for stabling. emad: it was never our interest to build it. this came from the labs wanting to past. certain ones can pass the bar exam and everything like that. it's an amazing piece of software but these big models are talented grabs. and nobody has done the work on what is the actual data you need for these models, what data do you need to feed these models so you can use them in a hedge fund or regulated industry so you have data transparency as well? the guardrails we put in place for trying to work with various companies, amazon is a partner and others coming, models are essential for private data. we have done things like in our previous image model we released, we often opt out. we are the only company to do that. we offer full transparency and allow them topped out.

you need standardization and industry self-regulation. at the big level and open level. and we are doing that at the open level. that is why i signed the letter a few weeks ago because i think now is the time for self regulation to do this right. because it's going around the world incredibly quickly. caroline: many will know stability ai well because of the image, text to image, you have so put out there, stable diffusion. you say you gave the opt out but many -- it did not stop some lawsuits coming your direction. how do you win hearts and minds of people worried about where the data is coming from and ultimately who owns it and who benefits from it? emad: i think the right way to do this is you put an open discussion around it. we are working with multiple governments now and helping them with national models and open

data sets and i think we should make our way from open web crawls to having high-quality data that reflect the diversity of the world and openable and interpretable. there's no regulated industry government that can use this model, open models that come to the data you own. a lot of these companies, these talented grabs are these models effectively like hiring from mckenzie where you want to hire your own and have that because you can give away your private knowledge. there are so many standards and questions that need to be done around this and you have to have those discussions now because technology is going everywhere. it will be the number one topic in the next few months. caroline: do you have confidence either you can self regulate or that some sort of multinational agreement can come to bear? emad: i think it will be both. i think you have regulation and legislation. you see legislation come to bear, some banning chai gpt

whereas japan has a different regime and u.k. has a different regime. i used to be on [indiscernible] enter try to make an entity that could help organize this at scale across the open area, even as this other regulation would drive models and the level as well. ed: bloomberg reported you are raising funds at a $4 billion valuation. did you close that round? emad: i can't talk about things like that. the oley company in the world that built this so it's a very interesting time. caroline: how about revenue generation? emad: it's an open core model so this is where i talk about the albatross. what we can do is build a benchmark, from open source in the world. there's a big gap in academia. we take that, and other models

we build from scratch, with the data sets. we have commercial partners that license the actual variants and interns variants and national variance of that. do partners such as amazon with bedrock, you can go on amazon and take that to your data and own your own model. we share the upside without partners and integrators and the first series of companies that we will announce soon, they are building dedicated ai teams to stay on top of this. that is incredibly great business model. we offer stability and immense chaos because no one knows what's going to happen. ed: my tweet -- m.i.t. tweeted about bedrock. how much is it a differentiator to partner with tech companies that have ml specialized silicon and are working to improve the compute part of this process? emad: i think it's a huge differentiator because the only thing -- we are moving from the gp age to the essays.

like you so with bitcoin. we are working on an amazing piece of silicon that can work -- do these workloads much simpler. the bedrock service itself means a company such as oust is 18 years old. we have code models and language models and we can instead leverage that infrastructure and take it to 100,000 companies at sage maker. and they can face amazon instead of us because that is who they trust, and they want trust at a time like this. you want silicon, and you want standards around it. this is why our stable diffusion models, the first model on the neural engine, will start in december. the customization optimization will be key. the key thing is distribution because certain people want this and no company can scale fast enough or in a trustworthy manner enough to support that. caroline: stability ai ceo, emad mostaque, thank you for working

us into your calendar, it's busy. we appreciate it. tesla reversing course on cutting prices after recent markdowns charting to -- starting to eat into profits but only on the high-end models and there is more breaking news. ed: lyft jumping, moving higher as much is 5% after the journal reporting that the rideshare will cut 1200 jobs around 30% of its staff. we will continue to track the story but you remember when the ceo was on the show recently he did not rule out a sale and also said this was one of the options that would be looked at so we will continue, lyft higher 4.5%. this is bloomberg. ♪

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ed: tesla is raising its price of the model as and model x after steep price cuts which took a toll on profits and weighing down chairs. it is two days after tesla lowered prices on some of its other models, tracking on the moves. bloomberg's rep with us from austin. the narrative does not match the action. tell us what we know about the model s and ask in the u.s. versus what he is saying about strategy. >> i think what we see is possibly a response to some of the pressure on the company as far as all the price cuts they have been sort of throwing at the model why in the model three -- y and model 3. it's import to remember the first quarter of this year was one of the lower court of delivery for the model x and s over the last year and half ago,

since they launched the sort of semi-redefined -- redesigned version of those cars. that sort of almost worse counterintuitively. you would think they would want to cut prices to increase demand but i think this is them saying if our numbers are already low on these cars we might as well make back some margin even though it is obvious they not going to make up for all the money they are losing by cutting drastically on the model y. >> this is where they've got to kind of square the circle. they have a very luxury and that is way cheaper than the start of the year, inching up by two to 3% on the day, but they are trying to keep the allure of the luxury number while at the same time making the three and y really mass scale. can they do that and keep the allure of the higher and while competing with ford ultimately? sean: i think that is what we will see this year. i think one of the things that

is instructive when thinking about tesla is some of these other companies looking to try to replicate their success in the luxury space as far as startups go are really struggling. in lucid motors spent the last couple months talking about how they are having trouble creating demand and throwing money into marketing to find customers for their extensive cars. i think tesla has always been content even since the model y took off in popularity to let the s an -- and x be these high-end things that don't push too far in volume. they started selling versions in china. i think they will find bones for it but i do not think they will think of it as a big driver for them, it sort of remains is kind of legacy a low thing that if you have the money it is probably nice to have, but people seem content with the model y and model three and tesla seems to push volume on those models and let that

leader. caroline: sean o'kane , trying to weave the narrative as elon musk tries to weave the sales i'm sure. twitter, stirring up confusion after the social media platform removed the legacy checkmarks for verified accounts that are not paying for twitter blue program. yet not everyone had to say goodbye to the blue checks. what's going on? eisha is in new york to talk about it. seemingly elon is paying for some blue checkmarks himself? how does that make sense? >> it's a weird situation. the legacy blue checkmarks went away april 20 which means celebrities, athletes, anyone that is notable under the old verification process lost their check mark. so mosque has been vocal about the same people will have to pay for them but then he decided to pay for a few celebrities, lebron james, william shatner, and stephen king, because they had been vocal about not wanting to pay for the blue check so i

t seems like he wants to pay for them for some reason. ed: i elected to subscribe to twitter blue, the moment it was available in north america for functionality experience, i wanted to see with the edit button did, wanted to see what the 1080 video quality was like, tweets another new function, but the verification process is not really the core of this debate. what does it require you to technically be verified on twitter from this point on? aisha: it is an interesting change from what it used to be in the past. essentially you have to pay for twitter blue and subscribe which is about eight dollars per month. then you have to have a phone number, and there's a few other requirements like having a display photo and name but it is very simple and users have said they are verified within 24 to 48 hours, so there is not much you have to go through. caroline: aisha counts, ed. ed: coming up, we get back to the store and lyft, headlines

rolling as the company announced a restructuring plan. we will have details. this is bloomberg. ♪

ed: lyft out with a statement confirming it is doing a restructuring plan which will include significantly lowering the size of its team, though it does not give a specific number. what jumps out as there is no change to its previous financial guidance. this is in line with what we see across industry and saving exercise. -- industry, a cost-saving exercise. caroline: the new ceo days into the role saying they will use the saving to invest in competitive pricing, about competition with uber and the united states. this is a large amount of people and they already under a

previous home of the founders had slashed about 700 jobs late last year. we understand this is the wall street journal reporting to cut 1200 more jobs. ed: and i miss spoke a little earlier when the ceo came on for the first time a couple weeks ago, he said the company is not for sale and then went to a meeting and told staff i will tell you what i told bloomberg, the company is not for sale and that is something the market thought might happen but he is clearly acting quickly to get the costs under control. caroline: he is, and it is a sign of the times as we have seen the macroenvironment continuing to be tough for some energy -- technology focused companies. they did a lot of hiring during the pandemic and we see the continue layoffs executed over a metro and this a tumor around as the ceo tries to speak to that. ed: for me it is how do you get competitive against uber? using the cost savings to make

the platform attractive makes complete sense. caroline: it does. coming up, a war about google, it's restructuring is combining ai research units under cinder pichai, looking to accelerate progress. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind.

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caroline: welcome back to "bloomberg technology." i'm caroline hyde in new york. ed: i am ed ludlow. looking at the nasdaq 100, flat. we are on course for weekly decline around .7%. earnings season a big factor but we are the economic data, and what that means for the fed going forward, underperformance in the chips space, a push higher on the 10 year yield, 3.5%, and as you talked about earlier, downward rusher on bitcoin, just under 20,000 u.s. dollars. a lot of the new cycle is a

balance between intelligence, big on one store in a moment. you look at some specific movers on the nasdaq 100, driving us in one direction or the other, putting us in the flat position. microsoft, the parent company -- microsoft and alphabet, the parent comedy of google, making big moves. moods and other names, ai. to the upside, we kind of lost this broad momentum or logic comes to trading in i-related stocks. fun to track them. caroline: it is. it is also fun to track the company will -- to track with the companies are doing to track this internally or seeing other companies. there was just a report on apple this changes to combine its ai research units. basically deep mind, the big u.k. pinup. when i was talking about technology in europe, deep mind was this big loss when google bought it. interestingly it has taken so

long to sort of put them underneath deep mind. >> i think it makes a lot of sense. google has had the separate units in too -- in two different places, google research on one side and the brain unit under google research was responsible for a lot of the tech that is now in chatbots like chai gpt even by open ai and close barred. they have been innovating in the mountain view office while deep mind has been in london and working on lost year research concepts. there have been lots of questions about how to consolidate those groups so they can move forward more efficiently with their research and that is i think what this reorganization does. ed: what is a good fact of the history of google and ai? you go down to mountain view 10, more so years ago, you are kicking the hockey sack around and it's in extracurricular activities where teams get

together and talk about machine learning and ai. but axley what they are doing now is getting personal changes as well, some of the management are moving into research-focused roles. what are the details in that respect? davey: absolutely. jeff dean, this legendary researcher at google, is becoming chief scientist at the company, and he is not managing people anymore. we have talked to sources inside of google who would think this is a good development, that he is focusing more on the research and he will work closely with google deep mind to move the ball forward in terms of research. then google's ceo of deep mind is the one that will be ultimately in charge of this consolidated unit. absolutely. caroline: what about the anxiety levels in alphabet? can you give us a check in on

what they feel am on 60 minutes, we see talk about trying to get back the narrative ai is synonymous without the bed and google and not just chat gpt end open ai. davey: absolutely, google for so long called it an ai first company when the new ceo took over, that was his line that he kept hammering away at. google really has something to prove here. it has been scrabbling to catch up to open ai and the innovations with chat gpt and also its they competitor in microsoft as the integrated that tech into being. scramble has come out with a code red under the company and they are really just from the top down telling folks to hunker and come out with these ai products. sewing zaidi levels are absolutely high, at the same time there are ethical questions

about the tech being ruled out and google has a ton of alien researchers who are also concerned with these things and there is that tension there. ed: bloomberg's davey alba on all things google, thank you. we continue with ai and coverage, actually at tech conference bringing in -- an interesting group. let's start with miami. why have you taken yourself and your firm out to emerge this week? >> i'm so excited to be here at emerge because there are so many innovative things happening and you have so many subject matter experts here you can connect with and really find out more information about what is happening in the industry and what is going to happen, the future of ai. ed: i think for us we are trying to pass over some names, leaders, and a field of

artificial intelligence, which everyone seems to be jumping on, like all tech subsectors also consider diversity and leadership in the space. caroline: and there's been a lot of anxiety, particularly around biases that get built into the models if the right people are not at the table and the right thing is not being put in. we went to go back to why you founded black women in ai. what event where you at where you saw it was not speaking to you? angle: well i was at an event -- and i do not want to name the event to be honest -- but the purpose of the event was ai and technology and i did not see a representation of myself. at that time in 2019, they continued to say artificial intelligence is the fourth industrial revolution, and a i did not -- and i did not see representation of myself and said surely you can't have a revolution without black women and that was the start of black women in ai. angle: what work --

ed: what work are you doing? what is it the function that black women in ai carries out each day? angle: our mission is to educate, engage, empower black women. we partnered with another of number of companies to do that by providing various initiatives that educate our community on ai, what is data science -- and i know data science is not ai but it is a close cousin. what is autonomous vehicles, machine learning, computer vision, ar and vr. we are learning these things that we are also learning how to ace the case in essence when we are going through our interviews and things of that nature. so we are educating the entire process of ai from being a creator to a consumer to being a part of the industry. caroline: is it more about ensuring people coming through education are well-versed in ai and are able to join companies

that we partner with or ensuring people within the companies are having a voice, able to take leadership roles. what part of the staff are you looking at to a certain extent? angle: it's a combination of both. we want our community to be engaged in ai because it affects all of us. ai is global, not something local, not a fad. it will be here and it is affecting all of us. it has an impact on our community, and i want to make sure we are not only exposed to it but we are not just consumers but we are creators as well. we are learning how to be a part of the system in terms of ai in corporate america but we are also learning about how to be creators in the space as well. caroline: in a way, this also speaks to the thought diversity and back on but also means therefore the talent pools are so much richer and not just in silicon valley and new york, they are in miami, austin, other parts of the united states. right? ed: you yourself had a long

career in the oil and gas industry, you made the jump to ai, are you seeing people make similar moves to jump on the momentum in the sector? angle: i am actually. i'm seeing a lot of people -- i know the notion is that women are leaving technology and ai but we are seeing the opposite, we are seeing people from across the globe, and we have members located on five continents. so we are seeing women across the globe, back to tech who may have not been encouraged when they were younger, may not have thought there was space for them and we are providing that space so they can learn, be educated, engaged, embraced, and empowered in the space. we also feel they can succeed in this space. whether they are creator or consumer, we want them to know everything they can know about artificial intelligence. caroline: black women in ai founder angle bush, we

appreciate you making the time while busy in miami. ed: thanks to angle. we take a closer look at the miami vc with panoramic ventures paul judd coming up next. -- paul judge, coming up next. lots to talk about. this is bloomberg. ♪

>> ai is probably a thing that is going to grow and let's invest in that. semiconductors, at a minimum,

and other software investments are probably going to be key. ed: that was kim forrest there. let's go to the public markets to the private markets and bring panoramic managers partner paul judge. his taycan where he is looking for the next big thing. around miami to emerge, you spend your time between atlanta and in florida. a good hunting ground for a venture capitalist in miami? paul: it's been amazing. i've been based in the land of the last 20 years and always believed this view that innovation is not just in the traditional tech hubs of the valley and we've done most of 85% of our investments in the southeast and midwest. two years ago, i start to spend my time in miami split because of the growth and technique of the system. ed: the soundbite we just played from that, the public market,

was the value opportunity in ai and semiconductors. i'm interested, which subsections of the technology industry are most appealing? what is the good word going out in miami? paul: there's a few things happening, you look at the changes in finance are now, decentralization with blockchain, but also the shortage of capital into the markets now. lastly, what happened with the svb and others, people are thinking about how do you have safety of your treasury and then how do you find an upside and where you find returns? so individuals as well as corporations are rethinking finance totally. so even where we saw apple get into savings account, we, investors, and another companies are rethinking finance. another big trend we are spending a lot of time on his cybersecurity. it's an evolving landscape. we always chasing the next battleground to break into

organizations. a number of our investment are there, a company, a cybersecurity based in miami, helps you figure out -- she must assume you have an attack on your network but how do you identify it and figure out what do you do next? . -- next? ed: on blue brick technology we try to cover this industry globally. look at what is happening not just on the west or east coast but it is interesting to look at where the mega cap tech names are, where the biggest targets are. does size matter when it comes to momentum in the sector? caroline: and also where does the value originate? you talk about cyber, which feels like a space that has been more resilient to the macroeconomic headwinds because everyone needs to protect themselves. ai seems to be managing to be a silver lining amid this dark cloud were valuations head to. where is some of the ai talent and where is it interesting to be investing at the moment in terms of ai? paul: absolutely.

ai is allowing computers -- we have always been chasing how to have computers and operate faster. we knew computers had more storage, faster compute, but given it the ability to learn and make deeper logical decisions and what we are seeing with language models is really becoming an on-ramp to technology. it used to be to get into technology you had to program cars or you had to learn cobol and there are these barriers. now you can talk to a computer in normal language and have no code and create websites and software that is opening up the playing field to a lot of people that have been underrepresented, a lot of people that have been overlooked, so i think we will see even more emergence of remote locations as people onboard through ai. it is allowing us to disrupt traditional, we call them pouring industries, industries

we've invested in, like one last year that has taken an industry construction and applied software to it to be more efficient. we will see more of that ai going to our traditional industries and helping them move faster and be more efficient. caroline: productivity is what it's all about. you yourself, season founder, and now into the world of investing, ensuring it is more democratized. are you seeing the amount of founders you want to see from diverse backgrounds? do you think with the macro headwinds as they are that they are more enticed to go out and build their own company or not? paul: i believe that there has always been this desire for minorities to be entrepreneurs. to carve out their own path. you have seen the numbers, traditionally the tech industry unfortunately was based on a closed network and based on who do you know. that was not very inviting if you are coming from a different background, from a different geographic region.

one of the things that is a benefit of how the world is distributed now as investors have to hop on a plane and on zoom. i think we are seeing enough examples of companies founded by women and minorities that investors are now seeking them out. the numbers have so much further left to go. the panoramic, over half of our per folio is founded by women or by minorities. we also partner with sulfate on the opportunity fund which is a million-dollar fund dedicated to latino and black proprietors. caroline: i was a key player in bridging the gap between america and let american particular. what a great person to have on today, we thank you. it is this focus on ensuring that we are looking at these pools of capital being built by diversity teams and attracting diverse talent. ed: at stanford, they had the town than they funded vcs there.

what you ask point is why the capital is going to miami, because of what is there and the diversity on offer. caroline: and the money that continues to be raised by the swords of vc's. coming up, the head of earth day, we will take a look at what capital that has been attracting. the future of cleantech. this is bloomberg. ♪ (announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day

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caroline: time is running out to avoid the worst effects of climate change according to a new research published by the international energy agency yesterday that outlines that after a short drop during the pandemic, global omissions rose to a new record high of 36.8 billion metric tons in 2022. yet clean energy is becoming more affordable and could potentially lower global warming according to the same report. for more, let's talk about the future of cleantech and carbon capture. the president ceo of a carbon capture company got investment from the united airlines and score the biggest carbon emissions tech deal 22.

in 18 million series e by chevron technology ventures. we look toward earth day tomorrow, just how do you see deals with united -- how do you see more private market money allocation coming to solve what is a very public mean. i think we have some technical difficulties, clogged, can you hear me question mark ed: i think we lost claude which is a same -- a shame. i will go act something that i did the other day and the point is if you are a venture capitalist, you want to be investing in stocks that can get the money, the dollars, from the government and those energy companies that have to diversify and i think we asked our own audience that. caroline: let's go to what we put out to twitter because i got people engaged but this is a global problem and when we consider on social media and awful lot in the view was is research in particular, is the

time running out for the worst effect of climate change? we don't want to politicize this but like 35% said no support is needed in terms of government focus, vc focus. yes we are on the right track says 11%. that felt pessimistic, only 11% think we are on the right track in terms of funding for cleantech companies. but the large amount, that no more support is needed, does that mean they think enough is there already in the private sector can handle this? ed: i think a bill gates, how long has he been talking about the need to focus on climate? one of the initiatives out of washington state in seattle is to make it commercially attractive, invest in things that make people money so they are incentivized to get into the space. caroline: therein lies the argument of impact investing isn't it? this is an about doing things about profit is about doing things for profit and talking about profit. there are companies that have to make good decisions right now. ed: let's get back to lyft and

look at chairs like company, in interesting move, flat now having spiked as much as 5%. issued a statement confirming a restructuring plan, they will reduce headcount but after the general reported 1200 jobs to be cut. they did not get the number, a key point, there will be no impact to the prior financial guidance they gave. caroline: this is all about competition, they are talking about the need to use those cost savings for basically competitive pricing, for savings for you and i. that will be probably difficult for the people about to lose their roles to swallow but this is about continuing to ensure they can take over on in the united states but this is all about morale, how could a new ceo to the business steady ship when also happening to make drastic cuts. ed: when we spoke to the ceo, he said the company is not for sale. clearly he is putting a stamp on this company having

[indiscernible] caroline: that does it for this edition of bloom or technology. ed: coming up, four minutes time, what a week it has been, twitter spaces. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things

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