>> from the heart of innovation at money and power in silicon valley and beyond beyond, this s bloomberg technology with caroline hyde and ed ludlow. >> i am scarlet fu, in for caroline hyde >> and i'm alex brink. this is bloomberg technology. >> this is quite an announcement. elon musk teases ron desantis is announcement. what do signals for the future of the platform. >> and sticking with social media, we will discuss the

surgeon general warning that it could be harming children. more on the impact that platforms like tiktok and incident have on society. >> plus, a robotic start appraising $70 million to develop a human would robot. all of that and more. coming up. >> but first, a check on the markets. clearly, the focus is on the debt ceiling, and talks to resolve and suspend or raise the debt ceiling. we know that the president and speaker of the house are meeting at this moment after a press conference by the speaker. what you are looking at is a decline in equities, risk off scenarios. the nasdaq 100 is losing 9/10 of a percent, and the second day of losses at around 13 months of high. this is a global retreat. 300 losing the most, sharp selloff because on top of the possibility of a u.s. default, inflation rose more than expected. there are big questions over the health of china's economy

european luxury companies as well as lvmh, declining on a wave of covid infections. the csi 300 is losing 1.4% in asia. so much for the china reopening trade. a lot of questions about what happens going forward for china as it has signaled no stipulates on the way. we know the china stock index has erased all of its gains this year. so far, any growth concerns also show up in the commodity space, so you see copper features losing almost 3% on the day. copper fell below $8,000 for the first time in half a year. clearly, the big overhang of global markets is the lack of progress, let alone resolution on the u.s. debt ceiling as we move closer to the day that washington runs out of cash. this is a look at how this is disrupting the short-term treasury market. the lines here track the bills that mature in maine, -- may,

which will be before janet yellen's last day. they are all above the stocks. they mature from june 1 to june 15. the differences theoretically demanding to get paid on june 1 versus a may 30. it is more than three percentage points. that is the risk that is being priced in. >> i can tell you, what i am watching is the tech movers or the new stories. that marks the last day for mehta on the round of layoffs. the social media giant is in what it calls a year of efficiency and 2023. they are capping off firing about 10,000 people. i sources tell me to the email went out this morning to who impact employees, but the market front show shares little change. i suspect this is because much of the upside from the cost cuts have largely been priced into the shares.

the employees are being impacted today. the second thing i'm looking at is the semiconductor industry. nvidia is down just over 2.5%. it is one of the hottest chip stocks this year. more than double in 2023 because they sell semiconductors that power ai technology, but it seems like investors are taking a little bit of the heat off before the company reports earnings after the close. i want to keep us with chips and analog devices. the big mover slid about 8%. the biggest one-day decline in over three years. this chipmaker gave a disappointing forecast of the current quarter on revenue and earnings. analog devices are one the biggest producers of semiconductors for industrial equipment, factories and cars, and it is blaming the shaking economy and the supply chain issues for the demand. >> clearly, concerns over the economy weighing across the tech industry.

speaker mccarthy just wrapped up a press conference reporters, and he said some pretty familiar notes. we are far apart on the debt talks, but we can get to the two sides to it. yes. let's bring in joe mathieu, the coso power on. for bloomberg radio, and the host of balance of power as well. what did you hear from speaker mccarthy that was new and different that gives us a sense of momentum into today's discussions. >> you are asking the right question. there is so much noise and posturing and bluster on both sides of this issue for so many days. we really have to be careful to focus on where the news is. as we listen to what speaker mccarthy just said, it's fairly positive. he is clearly expressing frustration about what is happening here. he thinks the president should have sat down many weeks before this process got started, but a couple of things jump out to me. he said we can make progress today. i will remind everyone that

negotiators are back at the table, and the white house office building, as we speak, they are starting a meeting a couple of moment to go. i won't give up or default. that is the important take away. certainly from market watchers who are trying to figure out what is happening here. it is unclear what will happen in this deal, but as long as the posturing remains, progress, we will not default on both sides of the table here. we might be able to figure this out. the problem is the timeline. as mentioned, janet yellen is looking at june 1 as early as june 1 as a next state, and we are running out of time. he wants lawmakers to have 72 hours to read the final bill, but will this be working holiday, we will find out. >> there was talk of progress from mccarthy, and talk of not raising spending levels, and that sounds like he expects something to give. is that work requirement, is that a revenue, taxing. where does that area that we

might see some folks meeting in the middle here. as these negotiations go on. >> these are great questions and they are difficult to answer, and it's only the people in the room. i'm not sure negotiators could answer the question at the moment, but in terms of spending cuts, and budget caps, this is an important part of this. speaker mccarthy has to go back to fiscal year 22 levels. the president does not want to do that, and i will remind everybody that while socials 30 and medicare are off the table, and presumably, it appears that the pentagon spending is off the table, they will be fighting over a much smaller piece of the budget than was expected. to bring us back to 22 levels would require more severe cuts. speaker mccarthy said, and i hadn't heard this before, that's a democrat idea. is something that joe biden is open to. the progressive wing of the

democratic party, 100 lawmakers, going to some, they are not going -- going to say no to the bill. i spoke to a democrat from massachusetts who said i am a no vote if they put additional work requirements. they are trying to figure out what they are doing with extremes of both parties. >> let's stick with washington. florida governor ron desantis is expected to debut his presidential campaign tonight. with elon musk on twitter. this is not outright confirm, but he hinted at something big. >> we interviewed ron desantis, and he has quite an announcement to make. it is the first time something like this happen in social media, and with real-time questions and answers, not scripted, is going to be live.

let's see what happens. >> with us for more on the impact on twitter of this special announcement is the bloomberg asian account. this is a bit of an unprecedented moment for the ceo of a social media company to actually be bringing in a candidate from one potential party towards the presidential announcement. tell me about the readthrough here on how we see elon musk recasting twitter in his image with moments like this. >> when elon musk first took over twitter, part of the reason for acquiring the company was to make it a free-speech platform. a platform that was nonpartisan and open to arranging voices. what we seen over the past month is something different. he is amplified voices of people like ron desantis who are conservative, not just conservative but more right wing. he is giving airtime and amplification to these voices. by hosting him and having an interview with him, that is inclusive support.

musk has even been vocal about supporting republican lawmakers in the past, and so, it's really painting an image of twitter as a very partisan place, even though muska said otherwise. >> musk is also concerned about making money for twitter as well. what does this decision let ron desantis have the space on twitter mean for advertisers and whether they will be comfortable continuing to advertise on twitter. >> is a great question because one of the reasons that advertisers have led twitter since musk took over was around content moderation, or what type of content they might have their ads next to. they don't want their ad to be next to misinformation or hate speech or violent speech. so, with a desantis coming on, you have this polarizing view that could create a challenge. one example is disney. it is one of the largest advertisers, especially with discussing satellite indian

schools, and oversight of their parks, so you can imagine that that might bring a challenge to twitter, if disney is already in a big fight with desantis and they are giving the sort of platform. >> it's a story that will be continue to be monitored. bloomberg news. she covered social media for us in san francisco. thank you so much. >> coming up on bloomberg technology, human would robots are getting closer to commercialization. we are going to discuss that with the ceo of ai robotic company figure, next. from new york and san francisco, this is bloomberg.

>> ai robotic start up figures just raise $70 million to help develop a humanoid robot. they believe it will one day take on a range traditionally performed by people. it will use the robot to adjust -- address labor shortages and help support the global supply chain. let's bring in the founder and ceo for more on this. when you think about where they could support the workforce, can you give us a color on the industry you think has the most potential to bring in the first iteration of the robot? >> thank you for having me. i think we are building humanoids to do any type of physical labor that humans see today. our go to market plan is to give revenues as fast as possible. those early applications for us have been manufacturing, retail and any factory. we have we have seen an amount

of time and warehouses. we hope that over several years, we can see early applications of our robots doing physical labor and in a warehouse such as picking items, unloading trucks the palletizing, and we hope that humanoids can play a big role in helping to fill labor in the economy today we will become a can impact. >> the sound similar to how machines are robots currently sort and retrieve inventory inside of amazon's gigantic warehouses. how will you improve and refine that? >> i think you can walk into a warehouse today or most companies, and everything that could be automated is automated with great robotic solutions overall. there is a tremendous amount of work done by humans that are

more complicated that at freedom or some type of shelf that is hard for a robot to do. at least a single-purpose robot. we believe strongly that humans built this world around ourselves, interacting with a human form, so it is almost like a universal interface to the human body. if you can build a robot that can interact with that physical world, similar to humans, we can come in and do human type work on day one. that is walking into a warehouse where amazon or these bigger groups out there have hundreds of thousands of employees. they are turning over 100% per year. they are having hard work, walking 10 miles a day, and 50 up miles an hour. it can be hot or cold. it is basically a giant labor shortage happening here. we hope we can basically go in and start doing those applications with minimal interaction or changes to the

environment. >> when i think about the area that your cash is going to fund, we talk about folks like sanctuary ai. one acts, google. a lot of names are pushing into this human would robot space. i figure giving a factory or a warehouse, those clients will not want to change over from one tech to another. i'm sure the races on. how will you look to beat out that well-funded competition. >> this is certainly heating up, which is a really positive overall. the ultimate goal is to do useful work, and see boring useful things all day. that is the ultimate goal we set out to in the near term. can we buy a robot and can we test this. we have a full warehouse built into end, and we are having a conversation with bigger warehouse groups worldwide. it is born to prove that out. we're spinning a lot of capital today on robot develop a

manufacturing. we are building out data engine so our robots can get in the market and just data to spend time on the commercial side. harper's applications, and ultimately, how do we scale the applications over time. >> one of the big criticisms or concerns about building more robots is they will take human jobs, and you have addressed giant labor shortage, so this is designed to help solve for that, but as we look at the prospects for human would robots, what are the new jobs that can be created because you have these humanoid robots? what do you for see happening down the road? >> you have an ability to basically scale an almost infinite amount of production. it will be incredible as we think about what it can do to gdp or to the economy, when there is no per capita constrained. ultimately, humanoids should be able to do any physical thing.

there is an infinite ability to scale humanoids. what does that due to the economy? it is hard to fathom. we hope we fill the labor area, which shows a tremendous amount of jobs. we hope came for the elderly, there's a big market opportunity for space over time, and that can help colonize planets. over time, there is a wide range of applications. thank you so much. coming up, on uber technology, more conversations from the economic forum, including one with the founder and ceo, marcella. this is bloomberg. this is bloomberg.

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>> check entrepreneur and investor must sell a car a says artificial intelligence is becoming a permanent staple for all businesses and facets of society. he spoke about ai and the climate for tech valuation's with caroline hyde at the economic or them. take a listen. >> ai is here to stay. we will see every single model in the industry, vertically and disruptive through the use of ai. this is not something that's going to happen in the far future. this is happening now. it's happening today. all you have to do is understand the power, what is happening rid how elections are going to be affected. there's so many fascinating things that are going to happen through the introduction of ai into every cortical. over the next five years, as the years are invested in companies. >> startups, not just dominated by the big players such as open ai and microsoft and google? >> those are the foundations

that are necessary. the beautiful thing is what is happening in the application level, meaning there are so many different start of with a specific vertical, the blood flow. basically disrupting what is happening. obviously, there will be connections to the big foundational layers, but this is to me, the internet. an x financial play spread where have we seen any application with a million customers in five days time. has never happened before, the more you use it, the more it is part of your everyday life rate >> a lot of vcs want to talk about artificial intelligence because it is a silver lining for clouds right now. you -- i know you can't speak much about the bank and vision fund, but ultimately, it is an area of where they went big with startups and you've seen valuations hit hard. unsurprisingly with the economy were in. are we at the endpoint? if we now seen valuation become the level they need to be to vindicate the growth we are seeing in these companies? >> it is an indication of time,

and i think people are confused between innovation, disruption and valuation. if we focus on valuations, the recent they are so high is because there was an unlimited amount of capital that was free. when you have so much capital, capital will be employed in accelerated pace, and those companies with valuations are going to be happy. it is a competitive market. as interest rates rise, to the level they are today, they will generate less cash flow in the future and therefore the logical thing is different. but that doesn't mean world has stopped and technology companies have stopped innovating and disrupting. were going to see now evaluation with money and the availability of money. with less money there was before, and more expensive with the valuations, they will be lower. asked interest rates in the future will continue to drop, and you will see adjustments and valuation.

i don't think we're ever going to get back to the times where money was free and there was an opening to the amount of money, but i think we are going to get to a point where the markets every price to 50% or below. private markets have repriced. i think with all that innovation and disruption, there will be sufficient capital for those great companies, and a lot of companies qualify. when you have a higher cost of money, not all companies will become profitable, so there will be investable companies that we will have. but they are great companies in the making. >> caroline hyde joins us with more. he is such a known quantity intact. and in telecom. in the past, what were his big bets? >> >> he is still an operator, but he is also in investing pretty as a couple of million with the family office, he wants to expand those funds and manage money for others. thus far, he's made inroads in sheen. many use in the u.s..

chinese born and now singapore headquarters, he is actually taking an executive position in terms of latin america, but also helping in manufacturing with brazil. he has putting into that business pretty is executing and looking to be part of the expertise and the gateway to latin america. there is more focused on latin america, an area that he thinks is totally undervalued by other vcs. one thing that is interesting is the way we are seeing sovereign wealth funds get in the way of prior venture capital. people are actually raising funds directly with sovereign wealth. they are not putting money is lp into the bc community, so in interesting tactic he is seeing, but it is interesting that at the moment, with this tech tension between u.s. and china, he is making inroads in that particular area. >> i would expect so. thank you so much. at the cutter economic forum,

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scarlet: welcome back to new york -- bloomberg technology. we are halfway through the trading day so let's get a check on the markets and what you are seeing is a lot of red on the screen. a second day of losses in u.s. stocks and it comes as the global outlook dims. you have higher than expected inflation in the u.k. and concerns about economic growth in china especially with a crop of covid cases coming up. there are selling in treasuries and the debt ceiling is a big sticking point. the president and kevin mccarthy our meeting. within that u.s. equity market,

a lot of pressure on financials. there are 72 big cap financial names in the u.s. market and 71 of them are lower at the moment. one of them is citigroup off by 3% after it abandoned plans to sell its mexican unit. there were hoping to be bev -- divestment with yield about $70 billion there are complications with mexico's president. tech names make of the top four adventures in the s&p 500. nvidia, meta, amd and salesforce. nvidia has doubled in value in 2023. going to above $300. nvidia chips are used in computers that power ai application so it is one of the most popular ways to gain exposure in this new trend.

meta is 10% below it was -- where it was in a 21. nvidia is up over -- >> joining us now is adam kovacevich, chamber of progress founder and ceo. this idea that social media and kids are not necessarily the best combination, for tickly under the age of 13 -- particularly under the age of 13, is not a new one but there were new specifics that the surgeon general mentioned. the people most impacted where the most vulnerable kids, the people being cyber bullied. i want to start in the harms. we have talked about this. at what point does the chatter around the harms and potential legislation actually lead to

moves from congress to do something about these concerns? adam: it is a great question and i think part of the thing about social media, like any technology, hopefully it is used predominately for good but there are cases where it gets abused and we are concerned about teen mental health and i agree about a lot of the aspects of the report. we do have a crisis. no kid or teen should be spending three plus hours a day on social media. the report included tips for parents about promoting a moderate use of services, tech three --free zones in the home but it acknowledged social media has played a positive role. it helped teens stay connected.

many companies agree with the report's point that they have a responsibility and many companies have taken steps to design their services in age appropriate ways. the report called for research. congress passed a law earlier this year called the camera act that gives money to the national to do more research. the report from the surgeon general says that most of the research has focused on correlation and not causation and we need more research. >> in your role as ceo at the chamber of progress, i know you have worked with different executives with these countries -- companies. we are in a interesting moment with the social media industry. meta is going through another round of layoffs and they have hit some of these more ancillary

things like research don't play into the top line. with these additional calls from the surgeon general, do you think these companies are resourcing enough against making sure that they are doing their part to protect from some of these harms being raised? adam: it is a concern. i would have liked to seen more acknowledgment in the report with the companies have done. in the last two years, you have seen instagram introduce things like daily time limits and default private accounts for young teens, recognizing a 13-year-old is different from an older teeen. researchers, content moderation is important for teens having positive experiences. all the platforms were to make

sure 18 looking for information about suicide, is in shown videos about it. to give meta credit, they were doing research and one of things that happened is the company was criticized in penalized for doing that research. i would hate to see companies discouraged from looking themselves in the mirror because that self reflection leads to improvements. scarlet: the criticism was they were doing the research but not sharing it, in the same weight tobacco companies have done. i'm curious how these countries might enforce some of these limitations on some users. how do other industries enforce limiting -- how does the gambling industry do this? adam: i think we are seeing this

play out in real time. one of the things club report talk about is a good number of 8-12 years old -- soap euros are on social media because parents have encouraged them to lie about their age. i think the more honest reports -- approaches to recognize is if parents are encouraging their kids to lie about their age, we might need to rethink the law. when it comes to age verification, there are laws that have been passed in this year by utah and arkansas and others are pending that would require parents to authorize their kids on social media in terms of age verification. one of the questions is how do you do that in a way that does not violate their privacy in the name of their security but a lot of kids are coming from families where they don't have support of parents for home every social media might be a refuge.

the concern for kids and teens is well-intentioned but i don't know if there is enough grappling with some of the unintended policies -- processes of the policies put forward. scarlet: adam kovacevich is the founder and ceo of chamber of progress. we are going to discuss digital alternatives to regional banks in the wake of the collapse of svb. ai investing in much more with anna barber. we are watching shares of shopify. one company is saying there are better opportunities elsewhere. the stock is up by 1.7%, defined the overall declines in the equity market -- defining the overall declines in the equity

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>> we are having conversations with a number of those regional banks because we are interested in buying assets that they create and we are looking up partnerships with some of them because they are worried about having assets they keep on their balance sheet. scarlet: that was the blackstone ceo at the qatar economic forum saying that they are in talks with several regional banks. he explained --

i want to bring in anna barber, a partner at m to -- m13. for her take in all of this. it is good to speak with you. and it comes to the regional bank stresses, you have portfolio company's that banked at svb and you have a portfolio company that offers alternatives to the portfolio offered at svb. what cap -- have you learned as a vc partner -- and what it means for the feature for eb -- the future for ebanking. >> one thing that is important to remember is this was in a crisis of the tech industry.

the changes that regional banks are experiencing our driven by the rise of interest rates and inflation and are a balance sheet challenge for the regional banks like svb. though small companies, technology -- the small companies, technology company's that bank with them, many of those companies that have -- had their assets consolidated in one bank had a stressful time, worried that their assets might be in danger. at m13, our portfolio was in decent shape because we have been recommended they -- we have been recommending that -- which is a fully integrated banking, credit and expense management solution targeted at small companies so for the companies that hadn't that first five, it was an opportunity for them to do so and one of the interesting things about rho is that it's

underlying banking partners are eight diversified selection of banks. i said the word diversification many times in the message -- and the message we're trying to hammer home is diverse of vacation in a way you are keeping your assets with rho being a great option. alex: you said the svb implosion was on a technology industry crisis but it became one after the fact. it is a little uncertain time. vc dollars aren't flowing in the same rate. as you are having conversations with their portfolio companies, with your prospective portfolio companies, i am curious if you could give us insight from them in this uncertain time. what are they looking for in terms of who they surround the southwest. svb picking up partner --

picking up partner with svb tend to be a tricky situation. what are you seeing this -- these days? anna: the challenges svb has faced are presenting challenges for early-stage technology companies. that access to capital for startups has changed dramatically from a couple years ago. up to two years ago, startups were getting the message that capital was readily available. growth and cost wasn't what we were looking for from them and now started to getting a different message which is about profitable growth, about proving that you can get to cash flow break even and now we are in an environment where cash is harder to come by and investors are more conservative. what we are seeing is a return to the investing climate of 2018

2019 -- and 2019. it is not the environment that we are seeing today, the embarq -- anomaly is 2020 and 2021 when you can look at the rate of advanced or -- venture investing as an exception to the rule. when you think about today, what is it that founders are looking for? they are looking for capital and we are recommending that companies capitalize two to three years so they have time to grow without being distracted by needing to raise additional capital and they are looking for investors that have experience and expertise to help them get to the next stage which is why this is a great time, for m13, we have partners who have previous down terms with a lot of operating experiences. i was an operator in 1999 and i

went through the dot-com bubble and i was an executive at that store.com. which was a really interesting case study. staying -- same with my other partners. a lot of people with experience to help our portfolios get through this rocky time. alex: thank you for the inside and for the historical petstore.com throwback. the big area is ai. insider, a turkish ai powered marketing platform was valued at over -- almost $2 billion. here is the ceo and cofounder at that the tar economic forum explaining how they plan on using the funds for m&a. >> the world has faced a huge economic downturn.

now we are looking at u.s. and europe for acquiring more companies which are going to help insider to grow with technology. alex: they have raised a total of $274 million to date. meta is preparing for its last round of job cuts. employees are saying that hasn't been the case. more on that cap -- next. this is bloomberg. ♪

scarlet: it is time for talking tech. netflix is cracking down on account sharing in the u.s. they outlined procedures and costs for customers who want to share their accounts with anyone outside their household. bear given the option to share accounts for an additional eight dollars a month. it is a key part of their strategy to generate more revenue from existing users. amazon wants to -- instead, many are being told to sit tight. people familiar with the matter say aws product launches are

those in that aws product launches space say they wonder if amazon release the tools before they are ready to go to push back against the perception that it has fallen behind rivals. lenovo shares have dropped the most since 2021. sales fell slightly below estimates bob that income declined 70% the first three months of the year. the global pc market shrink 29% in the quarter. alex: meta-is going through its final round of job cuts today as part of the ceo's restructuring plan. it impacts thousands of employees who have been waiting to see if they are on the cut list. sarah frier is here for more details. we have covered this over the last two days and we have heard from our sources that in this

limbo period between zuckerberg announcing the cuts were coming and these final emails going out at 5 a.m. pacific time this morning, a lot has been on pause. can you talk about what the impact has been on meda's business all in the name on --of efficiency? sarah: employees get the sense that this wasn't the end. wall street loved it and when zuckerberg started out talking about the performance this year, he named efficiency end shares popped. although this round of cuts was announced in march, employees have felt in this terrible state of limbo for that whole time. from what we hear from our sources, now much is getting done. people don't know the priorities of the company and there isn't even a product roadmap that has

been established. the cuts happened a month ago and they are still trying to clear the dust from those rounds. people don't know who they can collaborate with. it has frankly been the opposite of efficient. alex: it is fascinating to me when i heard from a source that there is no product roadmap. this is a tech company with the ceo who fancies themselves as a tech expert. if you are an investor or a company watcher and analyst and seeing the stall in this chaos, what is your take on where he is taking the company in this year as he refocuses? sarah: what employees tell us is that -- but they are hoping will happen is is the final round of preannounced cuts and they can get back to work and they know who they will be working with.

let's try to get back on our feet. they had to do that quickly because the stock has doubled so far on the ceo promised that they will have faster product development. scarlet: i want to follow up on that. it is meta -- is meta still later -- laser focused on the metaverse? sarah: hey i is top of mind of all of -- ai is top of mind of all of meta's executives. meta has had ai has a background -- as a background priority. now it is at the forefront and they're trying to use their position more openly will stop -- openly. alex: bloomberg sarah frier joining us. that does it for uber technology.

scarlet: don't forget -- alex: don't forget to join us -- this is bloomberg. ra, you don't have to worry about things like changing tax rates ahhh these days, yo our households depend onut t the internet more and more.s families grow, houses get smarter,

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>> welcome to bloomberg markets. investors on edge as negotiators this moment are in talks on the u.s. debt ceiling. both sides say they are at an impasse, days before a potentially catastrophic default . if you believe the treasury department's forecast that june 1 is the x date, that is one week and one day away. we saw a big drop yesterday. the s&p 500 is down again almost 1%, about .9%. 4109.