>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," caroline hyde and ed ludlow. caroline: live from new york, i'm caroline hyde. >> and i'm mike sheppard in washington. this is "bloomberg technology." caroline: president trump gives a temporary reprieve to tiktok, granting a 70 five-delay from a u.s. ban. liver from the world economic forum, we will hear from bank of america ceo brian moynihan. but first we check in on these markets.

some anxiety being shaken off as we see president take office. the nasdaq pushing up, and deed the nasdaq 100 up .1% as many look to the economic potential of this next administration. however, on the downside has not been some feelings. it coin is up 1.3%. absolutely took off ahead of the inauguration. let's move on to some of the individual points drags, apple being the key one. want to focus in on tsmc. this is its restored operations at factories it evacuated after a 6.4-magnitude earthquake struck the island's south. a key chipmaker to nvidia, and it need to apple, but apple being dragged lower. the worst day we have seen since september of last year. 3.8% lower. why? this is more downgrades coming from jeffries, coming from analysts bring about sales of the iphone, and in particular chinese weakness.

this is going to be top of mind for tim cook, who yesterday was one of the who -- who's who in tech elite surrounding president donald trump as he took office, all gathering, a net worth exceeding 1.3 trillion dollars for the occasion. all speckled in among trump's own family. mike: they were not just sprinkled in, they were seated ahead of trump's cabinet. it was striking to see how prominently elon musk and others were occupying that space. it really signals how much tech has arrived with this new administration. really something else of note from yesterday was president donald trump scrapping the body and initiation's sweeping executive order regulating artificial intelligence. let's bring in kailey leinz to discuss this. thanks for joining us and for all of the great reporting yesterday on the inauguration. trump started this with some

shock and all on the regulatory front. talk about the direction of travel we see in undoing this order. kailey: the direction of travel is fast. trump set a modern-day record for number of executive orders in one day. there were 26. as part of that he rescinded 78 executive actions from president biden. the executive action regulating ai. this, of course, was intended to create safety and transparency guidelines around companies developing this technology. it also created the ai safety institute under the department of congress, that was setting guidelines for how development of this technology should work. now that goes away. the president did not say what is going to be replacing it, even a question mark. we can expect david sachs in this white house could be playing a role in what happens next. but he could speak to a hands-off regulatory approach this administration seems to

take. certainly that was a message frequently by donald trump yesterday and throughout the campaign. caroline: let's talk about someone who is key to ai's future is elon musk. it feels as though he has been cementing his power the last couple of days as well. kailey: it is now solidified through one of these executive orders that he will be eating this department of government efficiency, and he will do so by himself. vivek ramaswamy is bowing out to run for governor of ohio in 2026. there is some reporting that there is a bit of consternation that may have played a factor, but it does clear the road for elon musk to have the greatest degree of control over this agency, which will be part of the federal government. that was not the intent originally outlined by donald trump, but yesterday he made this part of the office of the president through micron executive order that will rename the u.s. digital service to the united states doge service.

that means you are not -- elon musk is getting an actual white house email address. it raises some security concerns given that elon musk and his companies do contract with the united states government. already this is drawing lawsuits, including from the union representing workers, arguing that the budget office are violating rules that are supposed to govern this. certainly elon musk is going to have a close year of the president as this administration gets going. caroline: kailey leinz. spectacular. thank you for joining us. tiktok whiplash. bytedance's u.s. services were restored after trump delayed the band, proposing a u.s.-china joint venture. though it is on clear if the chinese parent even wants to secure a u.s. backer, not to mention if this is enough to appease congress' national security concerns. let's bring in a u.s.

representative, jake auchincloss. you were an original coleader of the tiktok divestment legislation. what the make of the extension? rep. auchincloss: the extension appears to be illegal. the law allows for 190 day extension if the president can demonstrate that a sale is underway, and there needs to be more time for the negotiations in the administration. what has happened here is trump has declared 75 days of a free pass for tiktok. and there does not seem to be any statutory support for that. this is an example of how the social media corporations have really come to plunder the american town square. there is an old saying in tech that if you are not paying, you are the product. well, big tech has productized americans' attention spans for the last 15 years and both parties have failed to rein them in. now tiktok -- excuse me -- now

trump is inviting not only american corporate views of the town square, he is also inviting chinese communists. mike: the order yesterday recall -- called for a review of the intelligence around tiktok. are you concerned the incoming administration might be glossing over or prepared to gloss over those risks in its eagerness to strike a deal and keep the app going? rep. auchincloss: yes, and there is two core risks. one is americans personal data, geolocation data, contact information. the social graph of their lives. but the second, i think concerning may, is control over the algorithm itself. what content is suppressed. the content is amplified. that is ultimately dictated by the chinese communist party. xi jinping makes those decisions. what that means is that chinese kids see very different comment -- mostly educational -- than

american kids do. i don't know why the united states would want to outsource the education and ideological cohesion of a generation to our adversary. you underlay this ignorance of that core risk with the fact that trump just issued a meme coin that is the equivalent of him opening a swiss bank account, inviting foreign individuals to deposit money into it, and show him the receipts. that opens up monumental corruption. mike: caroline: we caroline: will talk about trump coin a little bit later, but i go back to the fact that you said this extension is ultimately illegal. you have also said that there is handwaving. bytedance in and of itself would say, control does not lie in china in xi jinping, but up to tiktok in and of itself. going back to, if indeed we did see some sort of joint venture,

more u.s. ownership, with that appease some of your national security concerns? rep. auchincloss: as with many things he says, i have no idea what trump is talking about when he said the u.s. government would have a 50% stake or something. there is about 75 unanswered questions in between that statement and the actuality of it. here is what we want. stub all, we don't want to ban tiktok. we don't want to ban any social media. they are here to stay. but what we want to do is reclaim control of the digital town square. to do that we need tiktok to answer to u.s. law. the second is, congress needs to pierce section 230 and establish a duty of care for all of these social media corporations. that means that we cannot allow them to host things like deepfake pornography, which 90% of online deepfake videos are pornographic content targeting

women nonconsensual he. these tech ceos don't care. they are not liable for it. congress needs to end that. caroline: when we are thinking about the next steps you seem to be going more broadly. there are steps from the ceo of meta to withdraw -- do you feel ultimately we could see more community focus on preserving what is said on the internet or not? rep. auchincloss: i'm actually sympathetic to zuckerberg's claim that fact checking was not proving effective. we can debate how accurate the fact checking was, the people did not believe the fact checking and ultimately truth has to be community of knowledge. if he can demonstrate that is more effective in building trust and building shared consensus about the facts, i am receptive to that, but the underlying point is that any web 2.0 approach is ultimately going to be ineffectual because these are

walled gardens controlled by corporations and ultimately these monetize the attend ash monetize the attention spans of americans and selloff that product to the highest better. so long as that is the case they are always going to amplify the seven deadly sins. because that is what people click on. we need a web 3.0 transition where people have more custody of their personal data and where the algorithms are answerable to communities in a pluralistic faction -- fashion. mike: do you see any role for government in trying to help in this area of moderation? we have seen the direction of travel in washington move far away from that. what do you see? rep. auchincloss: the government needs to revoke section 230. the tech industry will claim that section 230 protects free expression. it is just laughable. james madison did not write section 230. it was drafted in the 1990's and

is a shield for the social media corporations to not be liable for toxicity, defamation, cyber stalking, and intimate privacy violations. things that are already illegal under civil law. they are not susceptible to prevent them. we need to make them liable for. and then we need to bring in the blockchain industry under regulatory clarity so that you can transition to a web 3.0 approach to social media governance. what is working in web 2.0 has worked well for the tech ceos. it has not worked well for the american children. mike: those are pretty ambitious goals. do you see enough of a consensus between democrats and republicans to be able to get both of those things done? especially with respect to section 230, which we have been hearing about for so long? rep. auchincloss: you are certainly right that the tech lobby has been effective at crushing even marginal steps toward revoking section 230.

i will note that last congress the chair and ranking member of the energy and commerce committee, on which i sit and which has jurisdiction over the tech industry, jointly wrote an op-ed calling for the sunsetting of section 230. that is a significant step forward. when you see bipartisan leadership toward revoking and i think we are hitting an inflection point where americans are tired of having toxicity pumped into the discourse by people who get richer the more time their kids spend scrolling on their smartphones. it is time for us to move towards a play-based childhood. but to do that we have to claim ownership over how we talk to each other. section 230 is the first step and i do think we are building bipartisan support for it. caroline: i hear you, but there was a lot of bipartisan support to ban tiktok and as the hour drew near we saw some real one 80's from across the aisle. i go back to the tiktok case because the fact that you keep on talking about web 3.0, you

were talking about decentralization. have heard that from one of the want to be owners, frank mccourt . they want to be seeing, potentially, this project liberty. are you thinking more broadly about their particular offer? because they don't want the algorithm. rep. auchincloss: web 3.0 fundamentally is about open governance. it is about creating pluralism and creating a sense of community ownership over this. in the same way americans insist that our actual town squares are places where communities have an interest in upholding order and providing freedom of expression, we need the same thing for our digital town square, because that is where americans are spending four to six hours every day taking in news and entertainment. too many americans assume that the status quo over the last 15 years is all we can expect from social media. if you look back at every other media innovation, from the printing press all the way through tv and radio, you will

see there was a moment of disruption and then new conventions and laws were established to help bring us some harmony to this new way of disseminating information. the challenge with social media is we have had to digest this tech innovation in a much shorter amount of time. the disruption has been even greater, but i do think we are hitting an inflection point where we are going to start to adopt new roles and government structures. mike: u.s. representative jake auchincloss from massachusetts, thank you. coming up, we will hear from brian moynihan out of davos. this is bloomberg. ♪

caroline: bloomberg is live at

davos. they sat down with bank of america's ceo. >> hey, guys. day two of the world economic forum in davos. mines firmly elsewhere, in washington, d.c.. 24 hours of conversations about how great america is and how the rest of the world will struggle with donald trump. >> every conversation has been, what is america going to do? how can i leverage myself to be in the best position possible. and what is the latest headline? jon: brian moynihan alongside of us, the ceo of bank of america. there is an important occasion to mark. 15 years at bank of america. brian: it was interesting to start, but for the last 10 years or so we have been on a roll. we can take pride. we put the company where it should be, as one of the great companies in the well. jon: 15 years ago it was the absorption of financial --

countrywide. it is a very different moment. that phrase you used, responsible growth. there is a feeling that maybe we move toward the world of banking over the next few years, reckless growth which is going to go for it. how would you describe the future? brian: what you are hearing is enthusiasm. transactions, right? for the last couple of years it has been hard to get a transaction through. what stops a seller from selling or fire from buying is, i am exposed. there is a lot of enthusiasm that there will be better growth in the united states. it is not just another idea that goes through the system, everybody says that is a great idea. it is more of a substance-based than it is worry about the environment rod. lisa: are you saying there is more conviction to get stuff done? brian: i think you saw some deals getting announced and you

will see more. in our sick in the united states to consult -- the consolidation is still far from being done. there will always be big banks, there will always be small banks, but you have to let people they can decision what they want to do. we can't do them, but as investment banking we can help other people do them. the uncertainty of get them caught in a transaction, the belief they should promote the banks consolidating and getting more efficient, passing it to the small businesses, etc., is difficult -- will be a change. lisa: the banking sector and some of the deregulation and whether some of these consolidations will be allowed, there is the corporate sector. some of the enthusiasm we have seen and we have heard from j.p. morgan. how much do you see that being, may be a little premature, aced on some of the policies coming down the pike and some of the uncertainty around deficits and rates? brian: you have to divorce some

of the physical work that has to be done and the incoming treasury secretary and others have to take seriously this question of how do we manage the stream and the amount of debt and get it to work out? that becomes easier if you have more activity and more things going on. i think the enthusiasm you hear from the bankers is more structurally the belief is that even starting yesterday you don't have that she don't have the constraint you have so you can go. if it is more enables more, that is good stuff, but right now it will stop it going the wrong direction. medium and small sized businesses their last complaint last summer, last time i was here -- and we talked to the administration about it -- the biggest complaint was, you are in my pocket, i can't get things done, i want a permit to do something, it takes forever, labor rules, just all of the stuff, over and over. small business's don't have the people to figure it out they have to figure it out on their

own. the same person running the business is sitting there at night saying, what does this new taxation strategy on social security mean to me? they are just saying, if you just stop things will get better. jon: you are the number one lender to small businesses in the united states. give us the read on things right now. are they making those investments that were on hold over the last quote your -- last four years? brian: over the last 6, 8 months or so it went from regulation and inflation -- the inflation has come down as their worry right now. what is interesting is, they're going back to labor shortages, and rightly. that has a question about immigration and all of the stuff going on, but what they are feeling is demand. you need people to do things. they are starting to feel demand steady. the fed was raising rates. their cost of borrowing went up a lot. an index when up by 500 basis points. that is a big number.

that caused them to say, let me be careful. as the rates come down they feel better. now it is, i have the opportunity to grow. can i get the people? that was a 2021-2022 timeframe. has to be a solution to this immigration that doesn't constrain those businesses from growing. jon: would you say we are supply constrained? do you think we are prone to have these bursts of inflation? brian: yes and no. we don't know, honestly. because the stimulus after the pandemic there was so much more than there may be had to be by techno-economic discussion. it is hard to say whether we are supply constrained another thanks. we were supply constrained because of the stoppage of goods coming into the country and shipping and all of that stuff we went through. having gone to a real normalized side of that yet, but that is to blame for the current thing. i think the supply shortages can mitigate if -- we have to be careful about labor supply. have to be careful about the

tariffs impacting supply and things, but i think people are finding places to get stuff. i'm not quite sure that is going to be the issue, but a lot of what we think of as the issue is actually the pandemic and the impact of the pandemic on supply that is working its way through the system. lisa: you have been a bank of america for 15 years. we keep hearing about succession plans in different places. what is your succession plan? brian: are you trying to throw me out? [laughter] jon: still three minutes on the clock. the last question. the last. brian: the fascination with all of this is interesting. one, it just means we are all getting older. we run a process in our country through the top-tier layers, including for the ceo. succession, every six months we go through all of our teammate'' jobs and we have a slight. if you run a big company people leave. they retire, they get another job, whatever, and you are always filling jobs.

the board will make a choice at some point. i'm not going anywhere unless they throw me out they know that. one of the biggest jobs i have is preparing people for what it will be like to run this company out there. and that is important, so we do a lot with our team to get them used to experiences and get them to learn about the trade-offs you have to make at the top of the house. that is part of our general strategy. we talked to our board, but you will never hear us discuss, a is in, but he is out. i went through that process in 2009. it is not the way to do it. lisa: thank you for that. brian: we will be the first person to know. lisa: i appreciate that. you said to us that ai would basically keep the staff the same size but increase the footprint of business. do you stand by that? brian: yeah. there are two facts i will give you. one is, we run the company on a nominal amount of expenses as we

did 10 years ago now. not inflation-adjusted. that is all digitization. ai is an extension of automation, digitization models, etc., automating work, taking out work. i think ai keeps going. the idea is, if we are good we will keep adjusting where the teammates end up. it may not be the same 213 thousand people doing the same thing 10 years from now, but my guess is the unemployment levels will stay relatively set. jon: you have been super generous with your time and you show me up every year because you always come out here with a suit jacket on and i'm sitting here with a winter jacket. i know you have been influenced by brian. lisa: it is actually just a lot more warm this year. jon: thank you. guy's, back to. caroline: ending in artificial intelligence. we appreciate it. so much more coming up in the world of tech. stick with us. this is "bloomberg technology." ♪

caroline: welcome back to "bloomberg technology." mike: i am my shepherd in washington. caroline: we have a little bit of a reprieve as we tried to digest a host of executive orders and moves made by the new administration. we are up 20% on the nasdaq 100. -- .2% on the nasdaq 100. capital in the spotlight. down more than 4.3%, the worst day since august of last year. trading at the lowest since september of 2024. this is china anxiety. apple intelligence not feeding through in demand for the iphone as much as anticipated. jeffries cut the overall view of apple from a hold to a sell.

let's look at what's happening in the world of crypto. no executive order when it comes to bitcoin. up to .9 percent and still above $105,000. all of crypto exposed names down since we do not get an eo out the gate when it comes to bitcoin and cryptocurrencies more broadly by the new administration. microstrategy up. buying more bitcoin. an 11th consecutive week. good news into the inauguration are many holders. a meme point. isabel lee, and extort new renouncement from the incoming president trump and melania having mean coins. isabel: i thought it was a joke. you see a lot of parities but it was real. we don't know if this is related to trump or not. we have his son eric saying this is the greatest digital meme on

earth. on one hand, it is a great thing. it signifies a new regime. the fact they have a coin inductor trump and melania. it sucked some of the out of the trump coin but at one point it was as high as $60 billion. on the other -- caroline: if you are in the space. isabel: people are saying this highlights the memeification of the industry. it is just really a joke. it passed no underlying asset. they are speculative and volatile. doge coin. the whole market is $100 billion in valuation. it's an expensive joke. while this last? who knows. -- will it last? billions of dollars changing hands with that. mike: are you sensing bruised feelings from not seeing an

executive order on day one from trump on crypto or even a mention during his inaugural address after being sworn in? isabel: absolutely. bitcoin pared back some gains from $109,000 plus. why is bitcoin pairing is gains? because trump did not mention it in the speech. take note. the fact that bitcoin faithful and gratuities is expect trump to mention it in his inaugural speech is already one thing. that just means that crypto is becoming mainstream. if it isn't, it is something. trump focused on tariffs and energy and trade. they were really hoping and backing of the fact trump will say something about bitcoin. mike: isabel lee, thank you. heading back to davos where arthur mentioned spoke --min

sch spoke about the company's expansion plans. >> i like to look at it from a positive point of view. europe is about strength, the talent pool it has access to. the opportunity we had is the thing we provide to our customers. i think europe can contribute today and realize we are innovators. we are a continent of innovators. ai is the opportunity totinuous. there are other companies that are building on that and thinking of all the ai stuff in france and london. let's not look at the bad things. we have a tendency to put too much reverie in the trillion dollar face. we have the strength. we need to have the will to create in europe and innovate and create value there. francine: is there a first mover advantage or is it the execution

and innovation that will win? arthur: the ai is going to be a revolution. long-lasting revolution. it will take decades for the way we behave and deal with computers. and a lot of things we are realizing enterprises are struggling with realizing the value of ai. that is where you need to partner deeply with someone that can help you get the expertise of your company into ai systems that can help you drive the productivity you are expecting. we are only 5% there. everything sitting on top of all the orchestration part, the managing, the customization part we still need to figure out and we have a good head start there. caroline: that was arthur mensch with francine lacqua. another interview was the openai ceo sarah frier.

she spoke about rising enterprise use of chatgpt and the company's growth. sarah: we had to do an extraordinary amount of fundraising. we also have a business model that supports it. i talked about chatgpt for consumer. over 300 million users today. a workhorse when it comes to revenue, revenue growth, and profitability. we are seeing now enterprises of every size embrace this technology. we see ourselves also as the enterprise company. there is a really good symbiosis between those two areas often when i meet customers, and i and meaning a lot here in davos, it is the personal experience they start with. they will give me a personal anecdote first. for those of you who sell into enterprises, if you have won your customer's part day-to-day -- heart day-to-day, gets a lot

easier. the enterprise model is really building across every sector of the economy, every type of company, every scale of company. i would be happy to talk to examples. morgan stanley is a great example. they are using our technology in wealth management and even their investment banking and have been doing it for multiple years. in terms of the future from a financing perspective, we will continue to have to finance at pace. we will do that on the merits of our business as well. >> how about an ipo? what would that look like for openai? you mentioned profitability. how far are we from that? you have taken two companies public. what with the steps be for openai to get there? shirin: as i told every company i have been associated with on an ipo, it is not a destination. an ipo is a marker on a journey.

if you get wrapped around the idea that the ipo is a destination, is a dangerous world to live in. there's a feeling of finality. man, oh man, going public is just the beginning of another very interesting part of your journey. what are the positives on ipo? it's a very strong credentializing moment for any company. i love the moment of sunlight. to show your financials externally, show how your business is building. it is the best disinfectant in the room. it's a great way to fund raise. it opens the door not just to equity and selling your equity in the moment but it starts opening the door to many more areas of financing. starting with mezzanine debt, structure debt and so on. in a world war we are buying compute, we need to get there fast. equity is an expensive way to raise capital and deploy capital. we need to make sure we bring them down the average weight

of cost of capital. mike: that was sarah frier from davos. coming up, margaret o'mara, professor of american history at the university of washington will join us to discuss the ties between tech and policymakers here in washington. this is bloomberg. ♪ ♪ the future of cool, comfortable sleep is here. introducing the new sleep number climate cool smart bed. the only smart bed in the rld that actively cools

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caroline: this is "bloomberg technology." check out the "bloomberg technology" podcast on apple, spotify, and iheart. this is bloomberg. ♪ >> one of the things we shared his we are moving away from the way we were utilizing third-party independent fact checkers and moving that to a community knows program. we are starting that in the u.s.

and we will see how it goes. nothing changing and the rest of the world at the moment. we are working with fact checkers around the world. in the u.s., that is the direction to start with. caroline: meta's head of global business in davos as a company gearing up to remove third-party fact checking in the united states. kurt wagner joining us now to talk about the timing of this. a lawyer representing medic wit, accusing the ceo of -- meta quit, accusing mark zuckerberg of descending into nazi madness. this feels as though conspiracy theories are running wild at the same time fact checking is taking a stand back. kurt: that is unfortunately the reality you take away fact checking. you opened the door for inaccurate information to spread wildly on the platform. i don't think that is going to be a coincidence.

i don't think it is the end of that reality for us. i think community notes is an interesting concept. i don't think it is a foolproof concept when it comes to fact checking at scale. i'm sure meta will learn that, if not already than certainly over time. interesting thing about this fact checking timing for them is that clearly they usually test things outside of the u.s. and then bring them to the u.s. when they are ready for prime time. this is the most valuable market. in this case they are doing the test in the u.s. and leaving it in the rest of the world. that is a signal this is more of a political decision for them to appease the trump administration that it is a reality fact checking was a major problem to begin with. i see this as something they are doing to appease the trump administration more so than this is a huge knock on the platform's ability to thrive. mike: kurt wagner, thank you. sticking with meta, but never

this moment from a facebook town hall in 2011? >> my name is barack obama and i'm the guy who got mark to wear a jacket and tie. [cheers] caroline: former president barack obama joking with mark zuckerberg. things certainly have changed for the facebook founder and other tech leaders as we saw during yesterday's inauguration. for more on the relationship of politicians we are joined by margaret o'mara, professor of american history at the university of washington. i have to ask you how are we going to look back at this moment yesterday where we saw such a lineup of tech leaders and billionaires at the inauguration ceded to prominently? -- seated so prominently? margaret: it remains to be seen how the relationship between tech and the administration will evolve over time. we have never in american history seen a lineup of

business tycoons occupying a place of honor at a presidential inauguration like we did yesterday. silicon valley has long had ties with washington and different administrations. this does feel like uncharted territory. mike: how does this translate into the priority list that each of the ceos may be bringing to the administration? how much does the proximity count? margaret: it counts a lot. we have seen silicon valley leaders have close relationships with the obama administration, the clinton administration, with other administrations other than trump. this is not entirely unknown but there are really high-stakes. -- high stakes on the regulatory side and the spending side. the promise to have a light hand on ai regulation and trump's

boosting of crypto underscored by his and the first lady's personal involvement in issuance of their own coins in the last couple of days is something that is a real change for the industry. a real difference in attitude from what the biden administration had approached. also we have the promise of tax policy being corporate friendly generally and things like defense contracting. the defense department and the national security establishment is a lot of business with silicon valley. that only seems poised to increase. caroline: take us back from historical perspective. after business may ethical questions when we see such a relationship? perhaps not so flamboyantly demonstrated but close in previous administrations. margaret: there have been questions but they have been resolved. let me point to an example from silicon valley's past. david packard, founder of

hewlett-packard, a legendary silicon valley founder. he actually joined the nixon administration as deputy secretary of defense in 1969. he was a very wealthy man. he famously put his wealth in a blind trust while he was in office to resolve any ethical questions there might be about hp profiting from defense contracts, which it did have, while he was at the defense department. caroline: thinking of what you have written, the remaking of america, is silicon valley -- are the tech leaders we see remaking america from a political perspective right now? i say that with the words of the previous administration in our ears that this is some sort of oligarchy. margaret: i think they are trying to. what has not been the case to the past is that the platforms they controlled was about the

people on the inaugural day as yesterday and the capitol rotunda. mark zuckerberg, jeff bezos, elon musk. they have such an outsized influence over online communication, online commerce. they are an immense consolidation of power. there have been big power structures and successful companies in the valley before but this is the next level. the influence is tremendous. mike: last question, 30 seconds. these companies have a position to shape history as we will be reading it later. talk about that unique role. margaret: they do. just as the history textbooks have andrew carnegie and rockefeller in them. we century from now be reading about mark zuckerberg and jeff bezos and elon musk. i think with great power comes great responsibility. this is part of the criticism levied at tech over the last

decade about the ripple effects of their platforms. these are businesses. these are people, for-profit companies, and also an important public sector government regulatory role that has been absent. that is one of the reasons they have become this large. it needs to be a balance. we need to think broadly about how this shakes out. caroline: margaret o'mara, professor of american history at the university of washington, appreciate your time. netflix is said to report results after the closing bell. a look at what we can inspect next. this is "bloomberg technology." ♪

caroline: netflix set to report earnings after the bell. luckily expect? let's bring in lucas shaw. how was q4 from a profit and revenue perspective? lucas: we will find out what people expect very strong quarter. they had the mike tyson-jake paul fight, the biggest live event they have ever done. one of the most-watched things ever put out. according to some third-party researchers, led to the biggest biking customers in years. they had nfl on christmas day. they had season 2 of squid game. a lot of people expect and to be

a strong quarter, which will be for us the last one in which they report their subscriber numbers. caroline: we have to read tea leaves in a whole new way. we are respecting strength from the live side of the equation and the carpet -- capital marginalization -- marketization reflect that. analyst are buoyant on the company. lucas: it's crazy to think that netflix is now worth almost $400 billion. it is more than disney and several other big media companies combined. you have to figure there should be some kind of ceiling on this. the netflix position is going to be these live event, we are going big into that area and it will boost our advertising business. that is why they want to stop reporting subscriber numbers. they believe their revenue growth and profits are going to look really good going forward. it will not be as many new subscribers quarter after quarter. caroline: how technically robust

has the live offering been? lucas: they had well document a promise during the tyson-paul fight. that was due to too much demand, a good thing if you're trying to attract an audience. they didn't have a lot of problems during the nfl match. these live events on streaming tend to have the same lifecycle. there are issues early on where the company is newer to it. they have some issues usually when they put on something people really want to watch. then they figure it out over time. we stream all sorts of things live these days. i think long-term it will be fine. what are the events they are going to collect that deliver or attract a big enough audience if they are not a major buyer of sports rights? they are trying to create their own events. they have the wwe debut. everyone is happy with it so far. we will see if that remains the case. caroline: don't even get our producer started on her love for

"raw." the tiktok band saga. here is what the ceo said earlier on open interest. >> we have a good number of people learning mandarin. it is definitely a popular language. the top eight people are learning. we saw a huge spike. mainly because people who are -- when they thought tiktok was going to be banned they started chinese apps like rednote and those things are in chinese. they wanted to learn chinese on dual lingo because of that. caroline: many of the apps tiktok users flocked to and the quick u.s. ban, mandarin-based. optimistic users will stick around even though tiktok is back online. that does it for this edition of "bloomberg technology." check out our podcasts on the terminal and online at apple, spotify and iheart.

this is bloomberg technology. ♪ the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways.

sonali: live from new york, this -- i'm sonali basak. tim: welcome to bloomberg crypto. sonali: for crypto industry eager and optimistic on what the new administration will bring for companies and investors. tim: meeting in davos this week. that includes the circle ceo. we speak about trump and a new deal for the company. sonali: can coinbase's head of u.s. policies kara calvert. tim: look at