be paying a high price for that on the one hand they make us depend on the take chinese like amazon microsoft and google that provide the networks that operate them and on the other hand all the technology it says and its ability to operate safely. but away from the flashy demonstrations this company is warning about the dark side of online everything with an experiment can a hacker steal cryptocurrency through this internet connected lamp. the answer is yes the hard drive has hijacked the voice assistant and all the network devices under the hackers control giving consumers something new to worry about. today i don't see much of a reason economic reasons for companies to invest in security that is. because they basically get away with vulnerable devices they have been able to sort of vulnerability isis to the market for many many years with no real problems and so i think something has to change in this regard we need better regulation it's a call for the government to step in to ensure that vacuum robots don't go rogue and show hackers the way to your hard drive first. and the rest of this

on the one hand, they make us dependent on tech giants like amazon, microsoft, and google, that providehe networks that operate them. on the other hand, the technology and its ability to operate sasafely. reporter: but away y from the flashy d demonstrations, this company is warning about the dark side of online everything, with an experiment. can a hacker still cryptocurrency through this internet connected lamp? the answer is yes. the rd drives hijack. the ice assista and allhe netwk deves, undethe hacks' ctrol, givg conser sometng new tworry out. >> tay, do not e mucof a reon, econic reasonsfor coanies tonvest in security. th device vendorset away th vulnable deves and are ae to tow vulneble devis to th markeor many ars with no real oblems. so i thi somethi has to change ithis regd. we neebetter rulation. reporter it is call fothe gornment tset in,- to ste in, to ensure vacm's not sh hackers h weightier-- the way to your hard drive. brent: a huge fire has ripped through brazil's national museum in rio de janeiro, getting the 200-year-old building. it has to collection of 20 million i

when we look at this, is it too hard to thread that needle, number one and number two, apple, amazon, microsoft are a huge component as far as market cap for the s&p and do you think s&p checks back and the top three stocks and amazon, and microsoft and apple, and len% of the s&p and the 250, and it was 200, but in the case of amazon, and truly listeners and certainly an option knowing who you are, and what you can or can't do. and they write some calls. >> i want to make sure you understand what we're doing facebook relative to amazon. >> and it will probably get worse and one is hot, and it would reduce. >> and it wasn't one relative to the other. >> they were quite correlated and things can change. >>. >> old just ask if i look at our biggest concern that it is now 30% of the nasdaq and in to me is the market question forget amazon and it's udz of facebook that has its own issues >> or it's not even so much bang, and large cap, and visa. the rsrg >> unrelenting market caps and yet case after case. and facebook and twitter does it have to be amazon? not necessarily, but that's the reason for

be paying a high price for that on the one hand they make us depend on the take chinese like amazon microsoft and google that provide the networks that operate them and on the other hand all the technology would say and its ability to operate safely. but away from the flashy demonstrations this company is warning about the dark side of online everything with an experiment can a hacker steal cryptocurrency through this internet connected lamp. the answer is yes the hard drive his hijacked the voice assistant and all the network devices under the hackers control giving consumers something new to worry about. today i don't see much of a reason economic reasons for companies to invest in security that is the device vendors because they basically get away with vulnerable devices they have able to throw vulnerable devices to the market for many many years with no real problems and so i think something has to change in this regard we need better regulation it's a call for the government to step in to ensure that vacuum robots don't go rogue and show hackers the way to your hard drive first. you're w

smart, there are only three companies that have weights greater than 1%: amazon, microsoft, and alphabet. so by being a long only context, managers have limited ability to add alpha, again, the short proceeds are added only from the manager's portfolio, so the images that we have here on the right-hand side is managers buy call it 1 million long. they short $30 million worth of stocks, and they invest the procedures, $30 million long. so the sum of that is 130% long but 30% short. in our terms, we think about it the manager now has 60% more opportunity to add alpha, but the 130 less -- long less 30% short means that there's still 100% net long, they have 100% market exposure. i think you get this concept, but i'll kind of drive it home. any manager, it doesn't matter if they're quantitative or funt amount tall, all of them -- fundamental, all of them will risk their financial assets. a manager, that ranks stocks based on their expected out comes. long only managers is going to invest in the long quintile. to answer the question, how do you contract these strategies relative to hedge fund

enough to pull the markets up, with the dow falling and the nasdaq going down 1.4%, led lower by amazon, microsoft and even apple falling despite the fact we got news some of their products might be spared from the next round of tariffs on chinese imports. lets the how things are shaping up in asia. sophie: like in the u.s., trade will take center stage in asia as well as waiting on the announcement which ups the chances china will bail on the talks with washington. tech will likely be the weaker spot, as from apple suppliers like you pointed out, so we are looking at futures pointing lower, although the nikkei 225 may open to the upside. although japanese markets may be playing catch-up to the declines of late. on the agenda, the south korean president kicking off his three-day trip to pyongyang, where he aims to salvage talks between the u.s. and in the north. and also watching for today in sydney, we are looking ahead to the second corner home price data due out at 9:30 a.m. hong kong time. when it comes the chinese stocks, we did hit an unwelcome milestone yesterday. we will pull the chart on

but alphabet up, amazon up, i think microsoft is up as well. james?e have to wait for some kind of trade deal with china and/or canada before we see a huge rebound for the tech stocks? >> i think you certainly would get a rebound if we get a north american trade deal that does not whip up our supply chains across the various borders. and that has been the story all year.as jeff mentioned, when investors see more barriers to trade, it goes down. when they think the barriers may be easing or not as much it goes up. it could be a catalyst. the other thing i think, and this is an issue for big tech but maybe more dangerous for consumers. i think big tech would like a big deal in washington. that has regulation they can live with that limits what their smaller competitors can do.i think it could be good for their stocks but bad for the country long term. >> and so far this monday morning there is no clear trend that says tech is bouncing back. it is not the case at this moment. we have facebook on the screen. it is 162 this morning. no bounce back there. l

microsoft is evolving into a leading cloud play as well. i think you could have some profit taking in amazon into other stocks that also have potential to go across the trillion dollar or increase in value as well. emily: then there is the threat of valuation. president trump midi clear he is not a fan of amazon, tweeting the company exploits he baits taxing, other lawmakers have exploited amazon for not playing its warehouse workers enough. as the company gets bigger, so does the target on its back but it will not be long before amazon is firmly in that $1 trillion valuation club with apple. emily chang, bloomberg, san francisco. haidi: emily chang there for us. amazon joining apple crossing the $1 trillion market cap club. we are getting breaking news -- sarah in austin to dissolve the troubled head corporation known for claims when it comes to devising blood tests that can be done by pharmacies. elizabeth holmes facing investigation on this business and the way that what's conducted as well. we will get you more details as this story develops in the meantime, a quick check of the latest b

and we can name perhaps the biggest of all as being facebook, google, amazon, apple, microsoft — i thinkm the big five. are you saying we should be more concerned about their power than state power? i wouldn't say more concerned. what i would say is we've spent a lot of time over the last 20 or 30 years trying to adjust the way the government supervises government surveillance, the way the courts supervise it. so that actually now what the government does, at least in the us, and i think probably here in britain as well, is really operate under a very strict set of rules, that thejudges supervise and enforce. what we have not done is anything remotely comparable to that in the private sector. and i'm not saying that we ought to eliminate the private sector's ability to collect and use data, because there are beneficial things. but what i am saying is we've left them largely unsupervised until relatively recently. we had on this show not long ago a tech guru, a guy called jaron lanier, who for years worked in silicon valley with start—ups, and writes a great deal about the tech sector. he

mag an microsoft, apple, gogel. amazon those -- those four stocks. >> see what you did there. >> 10% of the s&p 500. >> right. >> and represent a disproportionate amount of s&p. >> microsoft, google, apple, amazon. >> you could utter the four initials today. >> it comes from dan of all people. >> i need to work on the four letters. listen, i think that netflix is not particularly important anymore. facebook could be -- it really ranged bound the balance of the year the four stocks dictate the next step in the market. >> the next week you have jeff sessions has a bunch of head ntsds coming at this sector. it's facebook. it's google. nef a problem with it. amazon will have a problem with process with it. there is no problem with netflix. netflix you can still buy. i grow there but i don't know about the other twitters and this social i think there is going to be a regulatory headwind for the foreseeable future. >> i find it amazing now universally people don't like facebook and they think they have headwinds i'm not pointing

it is a war between amazon and microsoft and google and potentially sales force depending how you look at it. do you have any concern that will big, big companies make it impossible for a company like you to ever get there? >> we like tongue of ourselves as a big, big company. we have partnerships with amazon, google, i.b.m., dell, microsoft. >> it is always difficult with sales force and some of the other companies like dell to draw that line between frenemy or enemy. >> it is really coopertition. this is not unique to the cloud. it's been around forever. as long as you have a transparent relationship and work collaboratively it works out for the customers. >> coming up another conflict brewing between tech and washington. google responds to criticism from president trump as new the results-# favor left. this is bloomberg. ♪ emily: instagram has announced it will offer users the option of using more secure third party apps to log in. this was after instagram users reported they were being hacked only to discover their account credentials had been replaced with russian e-mail addresses

microsoft, amazon are weaker on the session today. trade remains a focus but this is may less conviction in either direction. shery: still watching the nafta talks but also the trade headlines when it comes to the u.s. and china. at is affecting what the currencies are doing. .e just heard the chinese say the chinese will not do value and weaponize its currency. though you want gaining ground against the dollar. it's been stronger this entire week. the chinese premier saying devaluation will do more harm than good to china's economy. remember, the yuan very important now because global markets are facing rising interest rates, strengthening dollar, serving as sort of an anchor for where emerging economies are going to go, especially when we will see more volatility in the currency markets. if you look at this chart on the bloomberg, you can see emerging-market fx volatility has risen to extreme levels. at one point, the ratio of em-gm -- we have not seen these levels since 2008. amanda: that is pretty fascinating. we are watching anot

amazon. also, microsoft is again close to the $1 trillion market, a little bit ahead of google.soft is evolving into a leading cloud player as well, so i think you could have some profit taking in amazon and people reallocating the money into other stocks that also have potential to go across the trillion dollar, or at least increase in value as well. emily: what about the threat of regulation? is that the biggest threat? >> the trillion dollar mark is a subjective number. amazon is not different than yesterday or tomorrow. context,ferent in one which is it puts an incredibly visible target on the backs of these companies. there is no better illustration than they dominate our landscape. i think amazon seen get from the right with trump and his tweets about taxes and the post office, and jess ownership of the " washington post."i think that it re is a big conversation about whether amazon prices are having an effect on inflation. i think regulation is one of their biggest obstacles in the year ahead. a venture capital austin things amazon will be the first company to hit the $3

amazon. also, microsoft is getting close to the trillion dollar mark is well. it is little ahead of google.icrosoft is evolving into a leading class -- club play as well -- cloud play as well. i think you have people reallocating money into other stocks having potential to go across the trillion dollar or increase in value as well. emily: what about the threat of valuation? brad: we talk about the trillion dollar mark when it is really a subjective number. context,ortant in one which is that it puts an incredibly visible target on the backs of these companies. amazon seeing it from the right with trump and his tweets about taxes and the post office, and of course just -- jeff's paper.ip of the there is a big conversation on whether amazon's commitment to low prices is having an impact on macroeconomic indicators like inflation. i think amazon is the biggest target around. i think regulation is one of the biggest challenges and obstacles in the years ahead. emily: one venture capitalist rings amazon will be the first company to hit the $3 trillion mark. what do you think of that production?

but yet, it is a war between amazon and microsoft, and google, and potentially salesforce, dependingn how you look at it. you have any concerns that those big companies will make it impossible for a company like you to ever get there? >> we like to think of ourselves as a big company. with are the number one category leader and will be at $23 billion by 2022. these are our partners. emily: it's always difficult with salesforce and some of these other companies like dell to draw the line between friend and enemy. >> this is not unique to the cloud. this has been around forever. as long as your transparent with your partners it works out for the customers. emily: that was our conversation with salesforce ceo keith block. google response to criticism from president trump that news search results favor the left. check us out on the radio and listen on the bloomberg app, and on bloomberg.com. this is bloomberg. ♪ emily: instagram has announced it will now offer users the option to use more secure third-party identification apps -in.ock in -- log president trump in the meantime has issued

amazon. also, microsoft is getting close to the trillion dollar mark is well. it is little ahead of google. microsoft is evolving into a leading cloud play as well. i think you could have some profit taking in amazon and people reallocating money into other stocks having potential to go across the trillion dollar or increase in value as well. emily: what about the threat of regulation? is that the biggest threat? brad: we talk about the trillion dollar mark when it is really a subjective number. amazon is not different than it was yesterday that it will be tomorrow. it is important in one context, which is that it puts an incredibly visible target on the backs of these companies. there is no better illustration that they dominate our landscape. amazon seeing it from the right with trump and his tweets about taxes and the post office, and of course jeff's ownership of the washington post. assistance in amazon fulfillment centers. there is a big conversation on whether amazon's commitment to low prices is having an impact on macroeconomic indicators like inflation. i think amazon is the bigge

aws market cloud services has really settled into a three player market for the most part, its amazon, microsofther players as well but those are the big three and what we've seen for the last couple of years is those three players have been, you know, fairly comfortable with their market positions. i think if there were going to be a challenger that was priced disruptive in the sector it would be google because they're in third place and they have been talking about this as a place where they like to invest going forward and aws is definitely helping overall corporate margins for amazon, but the other real bright spot is the domestic e-commerce margins are also doing a lot better than they have been and more predictable and more steadily rising as well. >> ed, in the last hour we had a couple of guests on talking about this very same topic and melissa asked about the risk to amazon from regulation and they both seemed concerned about it. are you? >> no, i'm not as concerned about it. a lot of the rhetoric that we've been hearing around that is a little bit overblown, also amazon is -- they're i

slack, the workplace collaboration app, is worth more than $7 billion and it's now battling microsoft, amazongoogle, and facebook. joining me is the slack ceo and cofounder, stewart butterfield. ♪ emily: stewart, thank you so much for being here. stewart: my pleasure. emily: you had an unconventional childhood. your parents were hippies and chose to raise you off of the grid in british columbia. what was that like? stewart: i was a pretty little kid. i don't remember a lot of it. it was, in many ways, an idyllic childhood. i was raised in a log cabin. it's a great story because i kind of sound like abraham lincoln with no running water until i was three and no electricity until i was four. my father was from new york, and my mother was for montreal, and they really had no idea what they were doing. it was pretty easy to grow a big zucchini, but you cannot live off zucchini. [laughter] stewart: but when i was five, we moved to the city so i could go to a school. it was a more normal experience. emily: your birth name isn't stewart, it's actually "dharma," which means "the way." stewart: yeah,

amazon, facebook, microsoft up arrows. you have obviously the big hurricane coming. that will see more fuel demand. you can see 2.8%, coupled with news out of iran and concerns there we'll have a tighter global supply. here are the hurricane stocks. so people are preparing. they're boarding up. they're buying materials to get ready for this category 4 storm. maybe even a category 5. all-time record highs for home depot and lowe's. generac generators, four-year high. look at sonos which dropped significantly, down 22%. this is a $15 ipo in august. run-up after the quarterly report. a revenue miss. there are some concerns that the new products are just not seeing demand, not gaining traction. we'll watch that one. back to you. david: nicole, thank you very much. melissa. melissa: major movement on the trade front. chinese tensions rising with the united states as the canadian delegation is resuming talks this hour in washington. edward lawrence live in d.c. break this all down for us. reporter: in fact, melissa, right now the canadian minister of foreign affairs is goi

and that's where companies like amazon, google, microsoft come into play.can government has been trying to force the american healthcare to go digital when the obama administration mandated they needed to use the healthcare system. the current system is failed and wasteful. >> today the majority of medical records are still shared by fax not knew electronic medical records system. >> critics call the end goal a $30 billion unicorn. cyber security experts echo concerns. >> my concern is building one massive system, never works. if it was easy to do and could have been done it would have been done with the $30 billion that's already been spent. >> when it comes to the government's new partnership with the tech sector, expert ring alarm bells about patient data privacy. >> according to the federal government there are 2.2 million entities that can have access to our information. the patients are not involved in that at all. >> cyber experts are concerned about data security. if the government and tech sector are going to share americans' health data they say t

amazon and microsoft were laggards. look at intraday on dow jones industrials. at 1:00 in the afternoon we were up 200 some points. pretty strong performance. i wanted to mention the yield on the 10-year treasury bond because this is important. this again above 3%. now in the past, that would have been a signal perhaps for a selloff. oh, my gosh, we're above 3% on the 10-year. forget about it. not too bad. analysts say it needs to get to four or 5% before these bond yields really pose a threat to equities. that said, who benefits from higher rates? well the banks of course, they get more money back on money they loan the financials we've seen do very well. jpmorgan, b-of-a, jpmorgan up 3%. citigroup up nearly 3%. goldman sachs up more than 2 or 3% for goldman. we want to talk about a canadian cannabis pot company. what a day. this stock right now, 214. it turned negative at one point today, it was so volatile they had to stop trading five times in the space of one hour. a lot of short squeeze going on there. a lot of people covering their positions. tilray just

the nasdaq is coming off its best month since january apple, microsoft, amazon all leading the charge of amazon, another all-time high and now just about $7 from tracking that $1 trillion at 2050 and change. apple, nvidia had fresh records but one fang name severely underperforming is facebook. the stock was downgraded saying slowing growth growing regulatory scrutiny is a toxic brew sheryl sandberg heads to the hill tomorrow along with twitter's jack dorsey. john, morgan, start with you guys it's going to be an interesting take how they answer a number of concerns, privacy, election meddling, all of the things they'll hear from lawmakers tomorrow. >> i can't help but feel that the bullet is already dodged here mark zuckerberg was under intense pressure a couple of months ago as was facebook stock. right now washington has so many more concerns, whether it is supreme court justices, midterms it doesn't feel like the moment when a real big crackdown is going to happen, but of course if there's some stumble, that could be a problem but sheryl sandberg doesn't tend to stumble. >> i think

i did locate amazon in seattle because of microsoft.ught that pool of technical talent would be a good place to recruit people from. that did turn out to be true, so it is not a complete coincidence. david: when you want to buy something, do you have put a something, do you have put a credit card down? you just say you are jeff bezos? you carry cash around? [laughter] jeff: i do carry cash. [laughter] jeff: i have credit cards. i have to show my driver's license. david: have you ever had a credit card denied? [laughter] jeff: i have had my credit card denied. david: what do you say? do you say don't you know who i am? jeff: i give them another credit card. [laughter] david: you made an announcement that is the most significant philanthropic gift you have made. [applause] jeff: thank you. david: about a year ago, you said you wanted to look for some good philanthropic ideas. you got 47,000 of them? jeff: yeah. david: you review them. so how did you decide where to put this $2 billion? jeff: that process was very helpful. i kind of crowd

i did locate amazon in seattle because of microsoft.hought that pool of technical talent would be a good place to recruit people from. that didn't turn out to be true, so it is not a complete coincidence. david: when you want to buy something, do you have put a credit card down? you just say you are jeff bezos? you carry cash around? [laughter] jeff: i do carry cash. [laughter] cards. have credit i have to show my drivers license. david: have you ever had a credit card denied? [laughter] jeff: i have had my credit card denied. ?avid: what do you say do you say don't you know who i am? jeff: i give them another credit card. [laughter] david: you made an announcement that is the most significant philanthropic gift you have made. [applause] jeff: thank you. ago, youout a year said you wanted to look for some good philanthropic ideas. you got 47,000 of them? jeff: yeah. david: you review them. so how did you decide where to put this to billion dollars? jeff: that process was very helpful. i kind of crowd sourced and got literally something

amazon, apple, microsoft leading the decline. the markets closed before president trump made the announcement on new tariffs on chinese products. we are anxious to see what they were. we just got the numbers. 10% tariffs on $200 billion worth of chinese imports. implemented, going into effect, september 24. after that, we will see the terror of being raised to 25% -- tariffs being raised to 25%. president trump will implement these tariffs. of course, may have warned china haveo retaliate -- they warned china not to retaliate. they could consider additional ones could be targeted. all of this will play into the markets. let's see how things are shaping up. sophie kamaruddin is here. sophie: the tariff plan is being interpreted as more severe than anticipated given the step up to 25%, but at the very least, there were no additions to the earlier draft list. werely 300 tariff lines removed including car seats and highchairs. smart watches will not be included, but when you take a look at what we are looking at for the tuesday sessi

100 different places this is the multicloud story we've been talking about it's terminating in microsoft, amazonogle, ibm, terminating in all the stats, providers, sales force here today and what that means is there's not a central egress point to apply security anymore so the network firewall has been the control point for security in the new world, it's going to be identity in the cloud and so if you think about our dual acquisition, that's where identity comes in. you think about some of the work we've been doing and some of the acquisitions we made like cloud lock, and then there's some innovation that we're working on, as well, that really are going to demonstrate that this architecture we've been building for the last few years will really be the architecture that people will understand two to three years from now as they transition more fully to multicloud >> again, two to three years got to keep thinking of that you don't want short term numbers and pop and gone you mentioned global, macro tail winds i know we had great tax cuts that spurred a lot of growth but we have a situation where

microsoft, amazon, now back below the trillion dollar threshold. netflix, falling on the day.also have been watching what is going on with the west versus the rest of the world. if you look at the one-week performance which includes the u.s., and ask u.s., it has been doing worse. we see this continued slump in emerging markets, both currencies and now equities as well. finally, take a look at the bloomberg because as we talk about technology, and its affect on the market, one of the areas that we have seen investors put money into over the past six months on trade concerns has been small caps. something to point out as we hear these executives testify is that the tech waiting in the russell 2000 is significantly smaller than that in the s&p 500. here is the tech waiting in the s&p in the russell 2000. something else to keep in mind here as we watch the various major averages and their reaction to these hearings or just to the general tech selloff. david: many thanks, julie. representatives from the united states and canada are back at the negotiating table, trying to reach an

taking a look at some of your top holdings, include apple, microsoft, amazon, alphabet. lot of these names, facebook as we were just talking about, have really soared lately. a lot of people saying they're pretty expensive of course you've got the teachers and their retirement to think about. what do you do how do you position yourself differently after a run like this >> well, jon, they are expensive. you hit it right on the point. let's stop calling it faang and call it ana. those are the ones that have been moving this market. we hold the russell 3000 index that's 70% of our u.s. equity portfolio. because we're long term, we're going to be a passive index holder so we'll own these companies as long as there are public school teachers in california, we're going to own these companies and we're not a trader i hate to say it, but we're the opposite of your fast money. i'm very long-term patient capital. melissa lee has never had me on her show and i shouldn't be there. for us, these stocks are expensive. if you look back over history, the market has had leaders that beco

. >> this group includes facebook, twitter, microsoft,s als amazon and ub are onion pushing for legislation for transparency control over how have how information is use. consumer acces to data provided and the ability to delete or correct personal information or transfer to other companies. theocnternet ation is advocating for national data breach notification laws ta preempting the rules. to create a new standard for clear breach notifications. also saying privacy protections should apply equal to all tech companies awell as off line companies. such as retailers or credit card companies. recomm tding that ftc inference the laws at a federal level. >> ivehink people expect to the same privacy and the same transparency off line as they do online online the tools are great. and near constantly improving. bute want the entire economy part of this to protect people. >> the lobbying group says consumer data is valuable to help tech companies deliver better experience and they are working with the white house and congress toraft rul that will protect consumers without stifling for nightly busine

big cap tech names like apple, amazon, and microsoft under pressure. ing how they do some of their business with their merchants that is the latest from the floor of new york stock exchange. more "varney" after this. attention homeowners age sixty-two and older. one reverse mortgage has a great way for you to live a better retirement... it's called a reverse mortgage. call right now to receive your free information kit with no obligation. it answers questions like... how a reverse mortgage works, how much you qualify for, the ways to receive your money and more. plus, when you call now, you'll get this magnifier with led light absolutely free! when you call the experts at one reverse mortgage today you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home... and here's the best part... you still own yohome. call now! take control of your retirement today! stuart: kristina partsinevelos in the flood sown in north carolina. kristina, that loo

. >> kroft: yelp, microsoft, amazon, ebay, expedia, and yahoo all complained about google's dominanceitive behavior," to the federal trade commission, which in 2011 conducted an investigation. according to this confidential memo-- parts of which were inadvertently given to the "wall street journal" years later-- the f.t.c.'s bureau of competition had recommended that an anti-trust lawsuit be filed against google for some of its business practices. it said, "google is in the unique position of being able to 'make or break any web-based business'" and "has strengthened its monopolies over search and search advertising through anti- competitive means" and "forestalled competitors and would-be competitors' ability to challenge those monopolies." it specifically cited google for stealing competitors' content, and imposing restrictions on advertisers and other websites that limited their ability to utilize other search engines. but, the recommendations were rejected. >> reback: it flatly says that google's conduct was anti- competitive. it flatly says that google's conduct hurt consumers. i