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tv   Bloomberg Technology  Bloomberg  October 9, 2023 12:00pm-1:00pm EDT

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>> 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 in new york. ed: i am letlow in san francisco. this is "bloomberg technology." caroline: we will bring you the latest updates from the israel-hamas war as fighting continues for a third day. ed: we will speak with technology exhibited to own and operate businesses in israel for their view on the ground and what it means for israel's tech sector. caroline: and what heightened
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geopolitical tensions mean for investors as markets face fresh volatility. but first we will get you the latest update coming out of the israel-hamas war. we want to go to our reporter on the floor. bring us up to speed with where you are and how it is all occurring at the moment. what is the latest? >> we are seeing some developments today. all slightly different from one another on the fronts. on the southern france, seeing attacks. the areas contain. question presently, there were still infiltrations from hamas from the gaza strip into the hamas vicinity inside israel but we are seeing a lot less of that and the entire area over there is now under control in the sense of the infiltration we have seen over the last two
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days. the communities and the settlements that are very close to about tony for settlements are being evacuated -- about 24 settlements are being evacuated. they develop and we are seeing over the last two hours is on the northern front. it is not major at this time, but it is something that is definitely a tracting -- attracting a lot of attention because the question is whether hezbollah on account of iran will be joining in with the gaza tensions and what is going on there. so that has been escalating. it is very contained at this time and nothing major, but it is happening. ed: what has been the government response? prime minister netanyahu over the weekend talked with the political opposition about a
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wartime government, a cross party wartime government. >> yes. that is still definitely on the table. there have been some talks today on account of pie minister netanyahu and teams negotiating on behalf of opposition parties, mainly the party led by opposition leader. so they are still talking about that. we do not know where it is going. it looks like there is a fair chance of that happening, especially with the complex situation in israel that has been divided over the past few months over a government and judicial overhaul. to form a government like that would lean in the sense of public opinion that israel is putting all differences aside and uniting in the front against
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hamas. so that is still on the table. we are still waiting to see developments on that. ed: thank you very much. let's get right to it now with a target global partner who is joining us live from israel. i want to explain to our audience what they are looking at, what they are about to hear. you are a venture capitalist normally based in tel aviv. but overnight, you volunteered to be a reservist by virtue of you being too old to be conscripted i think i am right in saying, and you have already been deployed. as best you can, explain what you are doing. caroline: i think unfortunately you are muted. thank you. >> sorry. unfortunately, i am a bit too old to get called up to my usual unit but i found myself something useful to do.
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i have been doing it since this morning with many, many others. ed: you are a venture capitalists that invests in israeli startups. i guess the question is, why have you done this? why have you felt compelled to put aside your day job and take on a deployment? >> i think we are in a war. this is a different situation than anything we have seen for 50, potentially 75 years. saturday was the bloodiest day and probably is really history mobility or than any day in the yom kippur war and the war of independence. hundreds if not more soldiers, women, children, elderly people were killed in their beds and what is undisputedly israeli territory. i think as an israeli, it is my duty and all of our duty to
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protect our country. i am doing this for my kids. this war will be a big part of determining the country they will live in. i don't think this will be another operation like we have been accustomed to. this is a war. it is a war of a different magnitude than any of us have seen in at least my memory. caroline: this is a story of people, family, your children as you site. this is a story also of people trying to build economically and indeed a time you are someone that wants to see a thriving startup community, one which you have 24 portfolio companies. it is hard to talk about business enablement such as this, but how are you thinking about what this does to an economy, to the people who want to build? >> i think what we are seeing today in israel is the reason israel has been so successful as a startup nation. we are seeing hundreds of
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thousands of people getting out of their lives, getting into uniform. people have been rushing into military service. the phone calls i am getting are about people getting turned away trying to find a spot somewhere to go and fight. a part of this is the social cohesion, the spirit of entrepreneurship that makes israel successful and the nation we are seeing today. i think one of the reasons we will come out of this stronger and better, the fact that this is really a civic society who knows how to fight also. many of our portfolio companies, the ceos and developers are now fighting in different areas. that is the way it will be. when we get back to work, get back in full force. caroline: how are you using
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technology right now to inform yourself and stay connected? >> we have good 5g everywhere. this really is a small country but we have the luxury of being in a war zone that has good enough coverage to do a video call. ed: on that note, i just remind our audience you are coming to us in military attire. you volunteered for deployment. you want a venture capitalist. you talked about some of the phone because you are getting, be it friends or industry partners. you have israeli colleagues working to deploying in europe and america. do you think any of your friends or partners or portfolio founders will come from overseas abroad back to israel to join you in the initiative you are taking. >> i think many are. we have helped organize some planes for reserve soldiers who want to get back.
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many people are crowding the airport in the airport is trying to get back and help. also, we are getting a lot of support from our jewish and non-jewish friends and colleagues in europe, the u.s., the middle east. we are offering condolences, support, and help. so we are seeing a lot of outpour. people understand this is a very unique situation. probably once in a generation. ed: sorry to interrupt you. caroline summarized it completely right that it is difficult to talk about business and operating right now. what happens to your portfolio companies? can you deploy capital? is there a need to deploy capital because of the situation in israel and helping those companies continue to operate, or are they able to continue with some normalcy? >> i think israel is good at continuing to operate normally and in normal situations.
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as far as the companies are concerned, everybody has made arrangements to try to keep the businesses running, to have business continuity. ceos have been called up, signing board resolutions all morning, getting new signatories and ceos that have joined. and i think we have definitely some people who will not join up and will continue to work and our colleagues abroad are going to work. i think we will be able to operate as close to normal as possible even during the war. it is one of the things that happens in israel because we are unfortunately used to this. it happens not in this magnitude but has happened before. our companies have plans for it and will continue to operate. caroline: this is continuity, something unfortunately you have to had to understand and prepare for. to that note, we had someone on a moment ago talking about the divisions in internal politics of late within israel. how much of that has affected
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business? how much of that has affected the inflow into israel if at all,? >> i think it has of course affected the israeli economy. but i think it is absolutely not the time to deal with it. right now, it is time for national unity. now is the time to put our divide behind us and just go to the fight. ed: from a unity standpoint, there are many global technology companies. intel for example has 12,000 people in israel. they have made commitments to expand their manufacturing footprint there. do you worry about the long-term attitude that global tech players who have a really heavy footprint in your country now take how they view israel? >> first of all, i hope their
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commitment is long-term, and i hope they will understand that israel still has a lot of unique talent to offer, unique capabilities in the tech space. i am sure once this ends, and it may take some time, but it will end and we will win. they will be back in full force operating here as they have for many years. intel has been here through a lot. they still thought it was worthwhile to continue to invest. i am sure they will continue to do so in the future. caroline: you have of course been talking about the ecosystem, what makes entrepreneurial spirit different in israel. do you worry about talent, the flow of talent? do you concern yourself that people are not like you, that they do not return to deploy money to make the headquarters within an israel-based business? >> i will tell you that i think when we spoke last we talked about the political issues in
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israel. there was a flow of talent after israel but after this i think there will be a flow of talent because they feel committed to this country. when it is in trouble, they return. i think there will be a flow of talent back manatt out of this after this ends. ed: you are referring to the reaction to the judicial reforms and the debate that caused in the country. very quickly before we let you go, will you continue doing deals, target global? will you continue in what you had prior to the attack? >> we have an international team that will continue to work as normal. we have a great team and a strong partnership that will continue to work we each do our bit. we will continue. we will continue to meet all of our commitments and support throughout. and at the same time, we will give resources to support people
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who need our help. a lot of it. ed: we are very grateful for your time. you are joining us on deployment. you volunteered as a reservist, but your day job is as a vc. we thank you for bringing us the venture-capital perspective literally on the ground. thank you very much. >> thank you for having me. caroline: moving from what is a moment within israel, we bring it back to the macro perspective of what it means for the markets because we have seen the stock reaction, the business reaction, and it is one of risk assets feeling under pressure. we are off by 0.4% on the nasdaq. the u.s. dollar heil at the moment. new york food is a key area to focus on when you look at the ripple effects. we are up 4% on crew training. one particular index that is
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very much focused in on the israeli ecosystem, the tech ecosystem, the ark etf. currently some liquid trading but we are off by 4.7% on the day. ed: across the macro and micro, there is so much to discuss particularly on the market impact. we have a guest joining us next on the program. this is "bloomberg technology." ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com
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caroline: it is a day of geopolitical tension, a day of volatility heightened in the
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markets and the impact that has on tech globally and appetite for risk but we will move into how the implications are testing appetite right now with one key investor who is head of u.s. equities at bailey griffin. we want to go abroad with you and the tactics you deploy with bailey griffin but on a moment where we see war of course between israel at the moment and hamas, how are you thinking about that implicating some of the companies which do business in the area or whether or not it changes your sentiment on technology at large? >> i think it is obviously a dreadful situation, but actually understanding what the long-term implications of what is happening will be is going to take time. the starting point from my perspective is that you just take your time and asked the question, what is really going on here? and actually reacting, trying to think you can do better in the
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market in the short run is not the right way to generate returns for your clients. ed: a question posed on bloomberg television throughout the day has been defensive stocks or defense technology stocks and how much of a knee-jerk reaction it would be as a sector. what is your attitude towards defense? >> we all know defense stocks as the starting point, but i think you can see there is clear pressure for nato countries to increase their spending on this area. there have clearly been shortages that will require a structurally higher level of spend. there is an interesting argument there. in the way you ask the question about technology, i think one of the things we have learned in ukraine over the past 18 months is actually things have moved on
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a lot. drones are an example of that in the ways that wars are being fought. thinking about how technology can have transformational impacts is just as important in defense as it is elsewhere. it is not about taking the top down deal and making an allocation. caroline: talking of allocation, we are looking at some of the holdings you have. nvidia of course and extorted every rocket ship to have been aligning yourself with of late when it comes to elements of ai. but also geopolitically encircled. how do you discern which companies are the ones you want to be seeing, emboldening, and allocating money towards? >> i think if you stick with that example of nvidia, we bought the stock in 2016. we have been holding continuously since.
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they are the investment thesis is around the partition of their technology. if you go back to 2016, yes, there was this opportunity in ai. but it is also in the data center, and self driving vehicles,, in a/vr. where you find a company that addresses such a big opportunity, the question is, how do you hold onto it? you take this as an example of one we have done well in the intervening 70 years. it has been a really difficult stock to hold onto. i think the peak to trough decline has been 60%. how do you endure losing two thirds of your money during that ownership? it is about whole discipline. marcus like to talk about cell discipline. it always comes back to the discipline being able to own it through those difficult
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periods where your thesis and investment of the upside is unchanged. it is a crucial characteristic of the way we invest on behalf of our clients. ed: a piece of news overnight by the way, nvidia canceled its ai summit, which have been scheduled for october 15 and 16 in tel aviv. just updating our audience on that. if you think about supply chain, let's go back to israel. intel talked about expanding operations there. there is to -- talent there on autonomy. is there a supply chain story here? >> i think that the big supply chain story in the semi conductors has been driven domestically in the u.s. with the inflation reduction act. what i observe is a huge amount of investment now going into this crucial and particularly
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sensitive area to drive a much more local supply chain. i think that is much more complex than just having capacity because that is all the training and upscaling that you need to do because of that. but i think the events of the past few days are just another example of why that is so important strategically for the u.s. and thinking through, well, who are the beneficiaries? who are the ones that can actually enable that policy? because when there is so much investment going in, it is always interesting to follow the money. i think domestically in america, that is where it is really interesting. ed: tom slater, we follow the money on "bloomberg technology" as well. thank you for your time. lots more coming up. this is "bloomberg technology." ♪
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caroline: amid the start of the tariff war -- amid the start of the israel-hamas war, a meeting was held. let's get more context. kailey leinz is standing by. kailey: chuck schumer pushed to strengthen language around what hamas had done in israel. he pointedly asked them to do so and they strengthened their statement, but that is all this visit was about. it was about economics. chuck schumer in this meeting with xi jinping, the first time xi jinping met with u.s. senators since 2019, said this was about ensuring economic reciprocity. he said china must provide a level playing field for them can workers echoing what we heard from the likes of commerce secretary gina raimondo.
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ed: kailey leinz out of d.c., thank you. from san francisco, new york, ndc, this is bloomberg. ♪ advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. ( ♪ ♪ ) ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. nice footwork. a bank that knows your business grows your business. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing.
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>> welcome back to bloomberg technology. >> a quick check on the markets. this is the macro response to what the more between israel and hamas. nasdaq 100 u.s. technology shares mildly softer, .3%. oil has made a marked move higher, considerations about the geopolitics of the middle east being a part of that, up almost 4% on new york crude. i put it going in there, as well. discussion on platforms about what bitcoin might do in line with or without other risk assets. still around 27,000 41 token.
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these are the names that matter, the stocks where there is a direct link to what is happening in israel. mobile eye is israel's biggest company by market cap. they issued a statement saying their operations are not impacted. they have set up funds for those affected but there are questions. they were supposed to have an investor day in jerusalem next month, showcasing some of their self-driving work. they are now revealing that. intel, you know they have been trying to grow the fab footprint. we will be having a conversation shortly about what it's like being a technology company operating in israel. also looking at the basket of technology exposed stocks, down 5%. the kinds of reaction that you would expect given the news of the past 48 hours. caroline: let's get back to the headlines.
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we want to bring in our national security advisor. many surprised by the shock that this took israel and the world. what are the latest headlines capturing your attention? nick: you have israel going on the offensive in gaza, calling on 300,000 troops. we are looking at a full mobilization by israel to neutralize the threat coming from gaza amid new missile strikes, continued violence. there are already bigger questions being asked, chiefly among them, how did israel not see this coming? when you have 5000 missiles being shot into israel, where were the intelligence services, how did they not detect the incursion? then there was that big massacre and the hostagetaking. now you are seeing the issues of, hamas has these hostages, so
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what is next to secure their release? we are still in the early days of this thing, trying to see where it will head, but some big question being asked about how this happened in the first place. caroline: we will have the national security advisor of israel joining us later but i'm concerned about the other proxy wars. i don't want to theorize, but what do you think will be the ripple effect is? nick: the big question is iran. there is talk that iran gave the green light to this operation but there are bigger questions as to the extent of their involvement, how deep their involvement was. then there is the issue of normalization. the u.s. has been pushing the interest of normalization between saudi arabia. what is the future of that conversation? we are hearing players in the
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region such as uae, bahrain, and others are determined to push ahead with the abraham accords signed under former president trump. there is some momentum, but one source told me it will be messy, and we are determined to see that go ahead. there is the question of what is the backlash against hamas? is this going to bring folks together or splinter? right now it looks like there is some momentum to keep those conversations on track. obviously, very early days. ed: a technology story is the defense systems that israel deploys, iron dome. israel made a request of the united states to help resupply them with munitions for iron dome. what is the latest? nick: we know that congress was
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briefed by the administration on this. there is broad bipartisan support to make sure israel gets all of the munitions it needs to keep iron dome supplied, but there are other needs that they have, such as artillery new nations, precision guided weaponry. so what does this mean for the ukraine war? a lot of talk that stocks were running low for ukraine and allies were scrambling to come up with supplies to keep the ukrainian army within munitions it needs. it's not really a question of funding, but there is a question of supply. the administration's focus in the immediate term is israel. everyone is trying to sort out, what does that mean for ukraine especially in the long run? we will be trying to figure out those questions. certainly tension between the need between israel and ukraine. ed: nick wadhams all across the
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national security story on this. thank you. let's go back to technology and what is happening on the ground in israel. joining us now is papaya global ceo, one of the founders, eynat guez. in the first instance, you run one of israel's most valuable startups, big footprint in the country. what are you doing right now, all your people safe, how have you responded to the events of the weekend? eynat: thanks a lot for having me. honestly, saturday, a holiday for us, we are all full time serving the country first, assuring that we can support everything the country needs in terms of the efforts. it is important to understand this is not a big in the
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situation as we sometimes face in israel. we are facing terror currently. we are facing our own isis war against hamas. everything we are doing in the tech sector, simulation -- civilization side is helping people that have lost their homes, have family members, kids taken hostage, helping soldiers get to their base. helping logistics, raising funds. the civil efforts in the country are enormous, amazing. this is namely what we are doing, our day job since yesterday, unfortunately. this will be our day job until things go back. caroline: we had a venture capitalist from target global joining us, saying, fortunately,
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israelis are prepared for these types of situations. you say this is an unprecedented moment for you. founding your business in 2016, 700 workers globally, how many are in israel. what sort of continuity do you have when building your business in israel? eynat: we have about 1000 employees in papaya. about 300 in israel. currently 50 or 60 of them have been called to military service. a lot of them have family members, kids or spouses that have been called into service. as any other company in israel, we always have contingency plans. the state of israel is to make sure we always have plans for the following day. we always know how to operate. we get amazing support currently from workers around the globe, clients around the globe to ensure the business operation is going as normal.
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unfortunately, especially in papaya, we have a team in ukraine. in a way we have been training to do these sorts of things a year and a half ago, and now they are kind of taking responsibilities from us. people in israel are highly motivated. our hearts and our minds are first taken care of the country, the people around us. israel is a small population. i have to say, i don't think the death and the horror will pass any single-family in this country these days. this is heartbreaking, honestly. horrible days for israel. ed: i am sure the audience shares that with you. one of the reasons we asked you to come onto the program, prior
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to the events of the weekend, you were vocal about the judicial reforms in israel, asking questions about what it meant for the technology sector long-term. i believe you took some action, moving company assets out of israel in response to the judicial reforms. what will you do next for the operations of your business based on the weekend's events? are you determined to stay in israel going forward? eynat: yes, israel is our home. as we said last year, we always want to give israel a democratic country in order to ensure that we can actually grow our business here, not take it out of israel. we want to build israeli companies. we always build global companies. israel is such a small market anyhow, and we always have a global footprint.
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but nothing will change in terms of operations in israel. we are here to do a big effort to fight for the freedom of this country, to bring things to normal, to live the day after, after those horrible events, news. it does not affect us from being an israeli business or company. i do hope the day after this terror, we will go back and people will understand, the most important thing is for us to unite, to remain a democratic country, and to stop the internal conflict that has been tearing this country so much internally. it is time to put them aside and go back to normal. we are one nation. everybody understands that we need to unite. caroline: thank you so much for sharing your story, for making
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the human side marry with your long-term vision of what you are building in israel. thank you. stay safe. ed: a lot more to come on bloomberg technology. more headlines from the sector, big interview, as well. this is bloomberg technology. ♪
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caroline: another amazon prime day. the tech giant is planning to bring customers the right deals faster. that is no easy task. we took a look at how they are doing that. expect to see more deals based
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on your shopping history. amazon says these kinds of personalized deals leads to four times customer engagement compared to last prime day. this prime day, they are doubling down with more advanced algorithms, learning what customers are shopping for and protecting what they will want next. amazon is also trying to get your purchases to you faster. we visited a same-day delivery site south of san francisco to see how. sites like these are smaller than amazon's other fulfillment centers and are closer to metro areas. they can get items boxed up in about 11 minutes. that is thanks to the help of these yellow cards and glue switches. they are controlled electronically, making it easier for employees to find and pick it. that package is sent to a conveyor belt to a storage center. you can get the deal the same
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day you order it. the most popular items delivered for same-day sites are everyday essentials like batteries, air pods, and coffee pods. amazon expects to build more of these facilities over the next few years to speed up delivery times. ed: good insight to various wish lists. let's get to what is happening on the ground and bring in jamil ghani, vice president of amazon prime. you and other executives have been talking about regionalizing fulfillment. the package that lands on your doorstep has traveled less. is that strategy working? jamil: we've been very excited to see that it gets the right product to the right customer faster than ever before, and that package is traveling less distance. we are able to reduce that time from click to deliver, which our
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customers love. caroline: what sort of investment, focus has that taken to whittle down that timeframe? jamil: what we have done is make sure we have the right inventory and the right buildings all around the country. we then make sure that our site highlights that selection that customers can get. we use recommendations and personalization, including what we are doing with the tent and the 11th, prime big deal days, to make sure that that is highlighted for customers. it is fewer over the road miles, and that is really the difference of getting your package the same day. caroline: it is interesting we are talking about rising competition, but some of those packages take time. is that the winning formula to
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ensure these new entrants don't take too much away from you in terms of market share? jamil: it's a good question but our focus is on customer needs. prime started with a simple promise. a million items available within two days, no limits. those expectations have only increased over time. i have two young kids at home. when we find we are out of something, when we need to shop for something happening tomorrow, you need to get your solution is quibi as possible. that is what is driving this. same-day facilities are taking that further. ed: there is a question of whether one really needs something, and this is really an ai, machine learning story. the data is based on the user, their habits, spending history. how does personalization and up in them buying stuff that they have not bought before in the past? jamil: we want to combine your purchase history, your browsing
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history, and other engagement you have on the site, like engagement with lists. we add shopping trends, what is relevant in the season. we are going into the holidays now. prime big deal days is pulling all of that together and highlighting those selections. things that we know that customers will like based on their past behavior, but we also want to surface those things that they might like, be inspired by. that is what the event starting tomorrow will be all about. ed: the macro environment, time of year, atoning with prime windows has changed. how big will this one be? can you say with any confidence that this will be the biggest? jamil: i can't predict how it will go. ed: it is just you, caroline, and i. jamil: i think we have fantastic deals. it would be the most personalized experience we have ever had.
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three years ago we had one personalized deal feed. tomorrow, our customers will enjoy 40. the homepage, your homepage will be different from my homepage. we are also recommending top brands. four-star brand the deals that you may like. prime day felt really curated. this will feel even more so. caroline: thank you for the time, jamil ghani, vice president of amazon prime. ed: another big story we are following. the biden administration will grant samsung and sk he equipment they need to operate as chipmakers in china. this allows the korean memory makers to import american machinery that would otherwise be prohibited from entering china. big story overnight in the chip space. this is bloomberg technology. ♪
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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: we return to our coverage of the israel-hamas more. a former national security in israel joins us now. we are being asked time and again, professor, how did israel miss this? was this a tech story? >> i don't think it was a tech story. i think it was a colossal
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intelligence failure. it starts like all major intelligence failures, from a failure of imagination. you don't believe your enemy has the capability to do something, so you don't see the signs when it is happening. caroline: what could have been improved upon from your perspective, what will be used now to assess the threat level? charles: i think there will be a deep investigation for the reasons for the failure but most of that will have to remain until after the war is over. what happened here is something unprecedented in israel history, where israel itself. the west bank settlement, was occupying for a while, people taken hostage, this cannot be allowed to happen. we have to make sure this
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doesn't happen. it is a protracted and bloody war in gaza but it is one that israel has to end, i think, with a resounding victory. caroline: our time is too short with you, but if you go back to a time as deputy national security, your advice to the leadership? charles: there has to be an absolutely conclusive victory this time. that probably means occupying gaza for a while. it is going to mean trying to topple hamas. that also begs the question, who takes over if hamas is not there? maybe with international, american help, saudi involvement, maybe we can see the palestinian authority reinstated. caroline: thank you so much for your time and expertise.
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i wish we had more time. from new york and san francisco, g technology. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers?
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>> welcome to bloomberg markets. i am matt miller. let's get a quick check on where markets are this hour. the s&p 500 is down but little changed considering the violence we witnessed over the weekend. 4300 on the s&p 500 right now. we have crude rising. he would have expected that move, but not a raising the losses that we had last week. just nine sessions ago, nymex crude was trading over $95 a barrel. today it is back up 4% after the drop last week, only to

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