ed ludlow is helping us track the news. he joins us from san francisco. ed: we can expect the iphone 14 line, a new apple watch. on the iphone 14, just as with the iphone 13, we expect two pro models and two base models. in part because apple wants topline growth, it is forecasted to slow down. the blue bar on the right-hand side of your screen is the december quarter, fiscal first quarter. a key holiday period for the company. the street wants to see higher average selling prices, the growth outpaced topline growth. we want details of pricing, particularly the iphone models given how important the iphone is. the apple, the iphone and airpods all work together within an ecosystem. kriti: ed, it is fascinating, we are tracking some developments. tim cook talking about the essential companion, as he calls it, the apple watch. i want to zero in on that. when the apple watch was first introduced, my question was, why do we need that? walk us through the significance of that. ed: full disclosure, inn apple watch w -- i am an apple watch wearer. it will have a m

ed ludlow is here with all the details. big loss for elon, meaning he will not be able to pull together additional discovery. what is a signal for the judge? ed: best day for twitter shares since july, the idea being that a brisker timeline further trial favors twitter. the brisker schedule boosts the odds that twitter will be able to enforce the original deal terms, which is $54.20 a share, valuing twitter at $44 billion. the judge said she could not delay the trial but even four weeks. musk's team were december. it could bring harm to twitter's business that she could not justify. emily: so, one win for elon musk. he can use the complaints of this whistleblower that recently emerged, to an explain. ed: this is the whistleblower who filed a complaint on august 23, basically saying that twitter had security deficiencies making its platform vulnerable to hackers and in this complaint that he had been told by a senior twitter executive that there was a spot issue. another judge is saying that incrementally, the musk team can g

ed ludlow is back. global rollout of the iphone 14, the next generation of apple watches. here in new york, tim cook has been in town, on the east side, on fifth avenue, meeting customers of the seems to be excitement there seems to be demand. this three is asking -- the street is asking, will it boost apple sales? let's pull up the chart, we need to contextualize how important the iphone is in terms of overall sales. more than 50%. apple is reserved the biggest upgrades for the most expensive handset. we have been talking about data for preorders that shows there is demand for that most expensive handset. the other story is evidence that demand for consumer electronics is really slowing down. let's look at the numbers for iphone sales over the last few years. i am going to go to 2021, an incredible year for apple. record iphone sales. the thing is, the early data also shows that the demand for the highest price point handset with the fanciest, most high-spec features, is doing what we saw in 2021 as wel

ed ludlow with the biggest moves. ed: a picture says a thousand words.he market pricing in at 75 basis point hike pushing rates about 4%. market did start rising. .8% the outperformer in the tech heavy index. coming off the worst weeks since january over the last five days. u.s. 10 year yields, weepy attention to it we breached 3.5% since 2011. we come off that at 3.4% that is a key psychological level. at one point in the session, it had a net its lowest level since june, nearly $18,000 token mark, kind of recovered as tech stocks were choppy. interesting because some of the best performers on the day specifically on the nasdaq 100, apple, tesla's, though stocks that were so down trotted in the previous five day period. i'm paying attention to to nvidia, last week when we had the worst week, and video was -- nvidia was among the worst performers. arc innovation and cathie wood adding almost 400,000 shares. meta--- meta, a special shout out to you because it just not the five-day losing streak in which it should $61 billion in market cap. it has not had

ed ludlow is here with the biggest movers. ed: there's fed positioning's, we are coming up on monday the worst week since january, more red on the screen of this tuesday. nasdaq 100 down .9%, down 13% from its amid august. you see underperformance in the semiconductor sector. yields pushing up multiyear highs. the 10 year reaching 3.5%. the shorter policy sensitive curve, heading to 4%. we are expecting a 75 basis rate hike, when the fed meets, and that will take rates to the highest level since the 2008 financial crisis. crypto caught up in this anxiety. bitcoin the most notable at one point -- reaching 19,000 u.s. dollars. at the same time there is news out there, about the ev sector ford saying inflation around the world and supply chain pain is going to cost an additional $1 billion, down tow .3%. it's biggest drop in 11 years. that market reaction to that ford news but it reaffirmed its for your guidance. a deal between gm and hertz -- they will buy ev's from a gm over a five-year period. we will dig in that later the show

ed ludlow with the biggest moves. ed: a picture says a thousand words.ark rising in 75 basis point hike pushing rates above 4% market did start rising. up eight tenths of 1% p the outperformer in the tech heavy index. coming off the worst weeks since january and the last five days. we pay attention to five-year yields. we come back off to 3.4 percent. a key psychological level to bitcoin at 19,005 hundred u.s. dollars. at one point, it had been the lowest level since june or the 18,000 u.s. dollars token mark. we kind of recovered throughout the session. interesting because some offoery specifically on the nasdaq 100, apple, so downtrodden. paying attention to nvidia, last week when we had the worst week, and video was among the worst performers. cathie wood adding almost 400,000 shares. meda, a special shout out because it has snapped a five day losing streak in which it shed $61 billion in market cap. emily: let's talk about meda here because when you're looking at mark zuckerberg's own personal wealth at 71 billion dollars wiped out, of course faceboo

ed ludlow is in new york with the latest. ed: breaking news, peloton co-founder john foley is leaving the company. they announced after market close monday, the chief legal officer, who is also a cofounder, is leaving and he will be replaced by an uber executive to become the chief legal officer. buoyant day. nasdaq 100 up for a fourth day. the key august cpi, you want to see inflation cooling because of the big fed meeting. less performance in the semiconductor index, stock yields holding steady. bitcoin had a strong session as we kick into tuesday's session, around $22,500. semiconductors a softer part of the market monday. reports that the biden administration will codify, firm up, expand u.s. exports of chip technology to china, the chip equipment maker's, the worst performers on the stocks including the likes of amd. so much technology news, sticking in the chip space, intel up but they are reevaluating the spin off the ipo to mobilize the automotive tech company, inking about a bloomberg valuation and delaying the market

let's get back to ed ludlow, who was in court today. what happened? faces two counts of securities fraud, two counts of wire fraud and you are right, prosecutors have to prove that milton lied about the company's technology and in so doing, misled investors and therefore the investors made the choice to invest in his company based on the inflation. he arrives monday morning in manhattan for the trial, which is supposed to take place in june or july but the judge granted a delay until september 12, monday, so they could take on the fourth count of wire fraud. it is a five-week trial. we started monday with jury selection. tuesday, opening arguments with the prosecution having three weeks to present evidence, then the defense comes in. the burden of proof is on the prosecution. the trial could run through the end of october. the focus of the prosecution is convincing the jury that trevor middleton misled investors about the progress, the technology, what it could achieve, but also retail investors in particular were moved or motivated to invest in the s

joining us to break it all down, ed ludlow. adco it was a roller coaster.got the 75 basis point hike as expected. the surprise, the more hawkish element of the afternoon, was the forecast from officials on where rates go from here 4.6% in the terminal rate into 2023. the market laying up with the fed is prepared to do in terms of fighting inflation and giving the economy some pain. you look at the gyrations behind me, the nasdaq 100, there were big swings between gains of more than 1%. ultimately closing 1.8%. on that equation of -- here is what jay powell had to say. >> there is a possibility we could go to a certain level that we are confident in and stay there for a time. but we are not at that level. clearly today, we just moved probably into a very low level into what might be restricted. in my view in the view of the committee, there is a ways to go. >> we felt the same gyrations go through digital tokens like bitcoin. beyond that, not a lot of news driving specific stocks in the market. we saw pain from mega caps. apple and amazon come of biggest poi

ed ludlow, back with an update. ed: when, in particular is bed, bath & beyond.he company in manhattan has appointed an interim cfo. they caught up in the meme stock frenzy where we discussed this on other stocks, on forms online. you see other so-called meme stocks down. the activity around this area has really dropped off. we see the fewest in the space, particularly for names like gamestop since 2020. nowhere near the frenzy. you can see like the broad equity market, in phase 3 straight weeks of decline. the concern around the fed and higher rates also impacting so-called meme stocks. they were reporting on the bloomberg terminal about this idea that when we return to school, it also means our return to college. a lot of the trades doing this are young. that has not really been the case. you see that sort of negative sentiment around meme stocks with bed, bath & beyond related to that company and it will go to their family as well. >> thank you for that update. i want to move on to the ipo market now. on pace for one of its worst years and decades after an inc

learning as to break it down is ed ludlow in new york. : it was a roller coaster afternoon. 75-basis point hike as expected. the surprise and the more hawkish element in the afternoon was the forecast on where rates go. 4.3% by the end of the year, 4.6% in the terminal rate in 2023. the market figuring out what the fed is prepared to do in terms of fighting inflation and giving the economy some pain. the generations behind me of the nasdaq 100, the tech-heavy index, there were big swings. ultimately we closed down 1.8%. on the equation of inflation fighting against pain, here is what fed chair jay powell had to say. chairman powell: there is a possibility that we go to a certain level that we are confident in and stay there for some time. but we are not at that level. clearly today, we have just moved probably into the very lowest level of what might be restrictive. certainly my view and review of the committee, there is a ways to go. ed: we saw the same gyrations in equity markets go through the digital tokens like bitcoins which hang out

first, ed ludlow. another seesaw session. economic data at the heart of it. what's going on? yes, showing data jobs holding up, retail sales, factory output increasing. why do we care? were looking for signs about with the fed will do next wednesday with rates. that is a real underperformer down. the s&p 500, the main gauge, lowest level since july. semiconductors weaker, yields push higher. breaking news. after the market fed x has scrapped its full-year earnings guidance for 2023. fedex is not a company we track, but look below it. that is why we care. amazon down 2%. there was a feeling that amazon would be resilient in the second half of this year. this has been putting in place cost-cutting measures. there was hope the consumer, particular in the u.s., would remain resilient, but fed x said that while they have also cut costs, there is a real slow in activity from the consumer globally, so lots of conversations to be had in the next 24 hours about what that means for amazon at a time when we are positioning ourselves for the holiday season. we are also thinking about cryp

i'm ed ludlow.opular messaging app whatsapp is more than encryption connecting people worldwide. it has become a major part of wall street communications. regulators spoke to banks about failing to monitor employee communications on messaging apps like whatsapp. wall street has been hit with more than $2 billion in fines and what is becoming called the whatsapp investigation. america and citigroup were among those fined. let's go back to the beginning. what is the activity and what are we talking about? >> we call it the whatsapp fine, we are really talking about something that is not whatsapp. regulators want banks to ensure they are monitoring all these messaging apps. they do not want unauthorized use of these apps. he could be signal, could be telegram. these acts of gotten so popular in recent years. all the communications with banks and clients have gravitated to these platforms. their archiving -- they need to make sure their archiving these chats and complying with the technology rules. the

i am ed ludlow in new york.s blocked thousands of inauthentic accounts, pages and groups from facebook and instagram, that originated in russia and china. meta says the russia counts spread propaganda about the war in ukraine. a china-based accounts were targeting u.s. users in regards to midterm elections. sarah frier leads our big tech coverage here at bloomberg news. what do we know about the accounts that were frozen by meta? sarah: the thing that is interesting to me about this report is that meta made a rare disclosure of the amount of advertising these accounts, around hundred $5,000 from russia to spread propaganda about the war in ukraine. that is significant because this company has come under criticism for receiving advertising dollars from russia around the u.s. election back in 2016. they don't have a way to block this from happening. even though it is against the rules, even though they built up the security team, they have said they will continue to have problems like this. they will try to catch

ed: i am ed ludlow in new york in for emily chang. this is "bloomberg technology," how coming of the next hour tech continues to follow the nasdaq 100 falls for the fifth day. angst among global social banks and the strong dollar grows. amazon goes after deal hungry shoppers as -- the e-commerce giant will hold a second crime prime day sale this october in the fight back against inflation. is a bird or a plane? is your delivery coming from the sky? we talked them about the latest play to win over regulators. and you'd as part of a broad market selloff, a sharp move in the pound, despite some megacap's closing in the green, investors remain subdued in the face of global monetary policy tightening. joining me is katie greifeld. monday volatility. where is the pain? katie: it was an ugly day, a sell everything kind of market, the center of that was the bond market. let's talk about the 10 year treasury yields soared 24 basis points, is dangerously close to a 4% handle. we have not seen that sense -- dangerously close to a 4% handle. we h

ed ludlow joins me here in the new york studio. it seems to be all about the fed right now. : yes. we started the week brightly, but that had been the worst week for the s&p 500 since january. even megacaps were caught up in the anxiety about the fed. pricing in a 75 basis points move, but the discussion around 100 basis points is on the table. in tech and equity markets, you'd are discounting the present value of the markets. you can see some of the pain that last -- some of the pain last week was from apple and google. they have strong balance sheets. why are they going down when they are often seen as and defensive stocks? they were caught up in the setting. they were rebounding monday. but we still saw pain in crypto. this is a global story, it's not just the fed that has a meeting and decision this week, global banks around the world also have a decision. shery: we are talking almost 20, right? ed: in the crypto market, there is definitely some central-bank anxiety out there beyond what we see in other risk assets like the equity market. in the u.s. 10 year, 3.5%. first

ed ludlow walking us through ford.ipstick with the auto story, because it is not just earnings that you want to watch, sometimes it there is dealmaking. an ipo in garnering enough orders to cover the 9.4 billion euro offering multiple times over within just a few hours at porsche. you have been beating the drum on how ford's volume has been on both sides of the atlantic, so explain how this porsche ipo is doing so well. sonali: it is harder in europe than in the united states, but in a tough market you are seeing one of the biggest listings you will see in a long time in europe. early in the offer period, the carmakers come in going through september, you see that it is coming through on valuation. but remember, it is still electric carmaker that we are talking about. and -- a luxury carmaker that we are talking about. there's robust demand for something that is a unique asset, and it opens a question for some future share sales for an asset like this in the future. muted ambitions, but a clear anchor for investors on

the ceo told ed ludlow. >> indonesia is one of our key markets.big population and we have a fantastic team that is operating. a lot of it is tied to the app and ecosystem. we treat other countries though different. we have a competitive mode and that is how we have been able to drive the flywheel of mobility in terms of services and deliveries, getting into grocery deliveries and other on-demand delivery capabilities for our consumer base, we also have financial services. in indonesia, our partner will be entering the digital bank space. i am sure that can enhance that. reporter: give me the big picture on the economy in southeast asia. what are you seeing with the consumer? >> there is a lot of excitement in southeast asia. in the last two years we have been in such a severe lockdown, tourism is starting to flourish. people are starting to travel again. people are starting to go to the airport and the commute is starting to pick up. people are dining out and enjoying things where they could not be or. we are very cautious. we know in the develope

i am ed ludlow in new york. this is the biggest convention to hit the tech capital.ands are headed to the annual southwest confidence. -- conference. she sat down with mark to talk about his next steps. >> we have 40,000 people here in san francisco. every hotel is sold from here to san jose. every airbnb is sold out. it is amazing and they are all having such a good time and learning about technology and how to connect with our customers in a new way. >> we will talk about the state of the city at the moment but you only stew profitability goals, long-term profitability, and for 25% adjusted operating margin. what makes you feel so ambitious in a downturn? >> you saw the quarterly delivered 7.7 billion. it was larger than s&p. now we are the largest company in the world. that is exciting. we have the highest revenue and now we want to have very strong margins. 50 million is right around the corner. we will have 25% on the operating margins. >> you are also doing these carbon offsets which is fairly unique. do you see this as philanthropy or do you think revenue will

ed ludlow is joining us now. ed, what happened? ed: for focus on the consumer price index and inflation print which came in hotter than it was expected. we built up anticipation that inflation would be cooling off and it did not. the full focus on the fed meeting next week. look at the nasdaq, the s&p 500 the main gauge of u.s. equity , the s&p 500, the biggest drop since june 2020, the nasdaq with the biggest drop since march 16, 2020. you and i remember that day in the context of the pandemic era. there was a push higher in yields, bitcoin was caught up in this broader risk off sentiment. dropping 10%. back down to 20,000 u.s. dollars. we are really reconsidering where we stand with the fed. if you look at my terminal chart, look at what happened. this is the story of the day. expectations with the context of rates shooting up in the s&p 500. how quickly the psychology of the market can change. if you want more superlatives, look no further than apple with the biggest drop since earlier this year, march of this year. 150 billion

ed ludlow is back in san francisco with the latest. welcome back. ed: painful weaken the market. stocks in the red, tech underperforming, a familiar story. u.s. services stronger than reinforcing the idea the economy can withstand higher rates. the nasdaq down 7/10 of 1%, underperformance in semiconductors. selloff in the bond market. it follows three straight weeks of decline on the nasdaq 100. there is a feeling we will continue to see declines, especially when you take into account earnings revisions. simply put, we see downgrades, estimates outnumbering upgrades. that is a worrying signal as we enter a period that is traditionally very strong for equities. there are stories out there in the new cycle, some names we are keeping an eye on, for only 29 names in the green. tesla is the biggest outperformer. apple, 24 hours ahead of the key events where we hope to get new details on iphones. the biggest point laggard. two key names, ubisoft. surging as much as 17%, paring gains. tencent will double its stake in that company. altria, closing down 1%. it spiked higher on headlines t

. >> oey talking to ed ludlow. the impact of the financing of member robert lee is up next.s is bloomberg. ♪ >> a lot of red here across the board. so much for turnaround tuesdays. things are looking like we are seeing risk assets in a bit of a pain. in our discussion here. holding was about reopening hong kong. you start to see for singapore is and all the action going on we see how that competition plays out. now it is actually rising given the amount of foreigners. >> we have to compare where we are right now. >> about 1.6%. the outflow with more than 700 finance professionals moving to hong kong. this is also being seen as a brain drain we will have a look at that. >> let's bring in our next guest and see a hong kong will be facing. can take a look at the index and how much optimism there is and if we are going to see the delivery of good news that these restrictions will ease. >> this is the hong kong reopening which i think is down 12%. it is obviously not doing substantially better, to the point that the three of us have been in hong kong during the restrictions. thin

let's -- ed ludlow in new york. let's get back to the volatility.s a hit to all corners of the technology universe making this a tough environment for everyone. from megacap's to utility you startups. let's bring in him, he is known as a value ceo's ceo. what is your read on the markets right now? guest: thank you for having me. at raise capital, -- race capital, we -- when i saw them in new york last week we talked about how the crypto market was in much worst shape into thousand 19 compared to today when we first started --2019 compared to today. we are seeing early-stage -- very strong for a few reasons. number one, pico funding is not tied to revenue -- peak funding is not tied to revenue. market revenue has very level -- little impact to early-stage founders. multistage companies wait -- have an 18 to 24 month runway. number two, ipo, look at the recent adobe 20 billion-dollar megadeal we can see the next two years will be very strong. that is critical. three, venture capital investors are sitting on 16 to $2 billion of cash for their invest --

. ♪ ed: i am ed ludlow in for emily chang.oming up, bloomberg's conversation with microsoft ceo satya nadella and linkedin plus -- about productivity and by -- is confident about approval for microsoft's acquisition of activision blizzard. the biggest convention to hit san francisco since the pandemic. the bloomberg tech team was -- and asked about his future at salesforce and the economy. impossible foods joins the claimant pledge to reduce carbon emissions tended zero by 2040. i talked to peter mcguinness about the role his company place. that in a moment, but first, the markets. a tech tumble following wednesday's fed rate rise. joining us to break it all down, katie greifeld. katie: hi. good news and bad news. the good news is -- stuck together for the first time ever. the bad news, it was a terrible day in the stock market. the hangover from the fed wednesday continues. you can see the big tech stocks, that index falling over 1%. chips taking a beating, underperforming, down almost 3%. the riskier parts of the market real

ed ludlow has been in court every day following the proceedings. ut paul lackey, who is and why he matters. ed: he's an engineer who works for a company, in 2016, trevor milton contracted with them to work on the first prototype. as we reported when that truck was unveiled in december of 2016, it was missing key components and never functioned. on a one, he explained of the missing key parts to government prosecutors, they too on wednesday listed -- it was the defense to cross examine and in so doing, lackey sold information, that the key parts are missing and that it never functioned to nate anderson. the short fellow that published the short report in september, 20 16 that ultimately set in motion the series of events, with trevor milton resigning that you're being indicted last year and how the trial is underway here. emily: let's get back to the basics. what are both sides trying to argue? >> trevor milton is charged with two counts of literary fraud and wire fraud. government prosecutors convince the jury that firstly he lied or made misreprese

kriti: ed ludlow walking us through that.e now looking at nikola shares, up 10% in the session. coming up, we will speak to evan brown of ubs asset management about an inclination to reverse -- on the interest rate hikes. that is something the bond. market may be pricing in. . this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. mark: welcome to the bnn and bloomberg audience. i am mark with first word news. a looming strike against freight rails means thousands will have to find alternative forms of transportation. this at a tough time for amtrak and transit agencies after ridership

ed ludlow is covering it all for us. >> it has been a huge day for the industry. a piece of news helped the stock market very much at all. hertz is very interesting because they have been very active in trying to electrify their rental suite. they already have deals with others but they have this objective of 25% of the rental fee be electrified by 2024. this is quit aggressive. this is where jim is transitioning to a lecture of dry -- electric drive trains. this is a lot of cars. it is not just one of their lines. they are talking about cadillac, chevy, they will start shipments as soon as the first quarter of next year. this seems tangible but it did not do much to support the stock on tuesday. >> talk about ford then. that was quit a big drop. what is going on here? >> for ford, this was the biggest drop in its dog in 11 years. what they did was revise for the current time because inflation around the world's meaning higher costs for them and supply chain pains continue, meaning there are real part shortages. the net result is 45,000 suvs and pickup trucks sitt

care to break it all down, ed ludlow. >> happy friday, real risk on sentiment to end the week, you look at the nasdaq having its best take a month up 2%. one of the riskier corners of the market, meme stocks, tech, a coin buying into that as well, a big jump from around $19,000 to $21,000 in a single session. that is the what. the why is harder to understand. we notched our first weekly gain in the nasdaq hundred and four out of three straight weeks of declines, best weekly gain since july. at the same time we see the dollar pulling back, the first weekly decline for the dollar. you see the gain in equities correlating closely, that is potentially the why. the market very focused on the fed and the outlook for higher rates. two stock specific stories i am looking at, docusign having its best day since may following strong earnings and performance in the most recent quarter. the other one i am looking at his robinhood come up again on friday, dues they are going to create an index of top picks, an index of customer's favorite stocks. emily: we will talk a little more about that right now

reacting to this hot inflation data, let us bring in ed ludlow. and emily rafael as well. give us the picture today on the part selloff on closing stocks and bonds. >> before we had the inflation reading, equity investors were optimistic, they had built on a long position. the idea is we will not see a fed pivot but at least inflation has cooled. maybe rate hikes will not be as aggressive. it was hotter than expected, we started to see yields shoot up and stocks sold off and the talk of potentially a 100 basis point rate hike which would be the largest hike since 1984 started. traders were -- all of these sources i spoke to said they still expect a 75. that is fully priced in, 100 is on the table. haidi: because of those expectations, inflation is cooling and we are telling investors to more into the biggest technology udf? -- etf? >> one of the questions around valuations is where do we go from here and valuations? the market changed so quickly, we were anticipating it would cool off and then reality hit home, you are right, nvidia traded 30 times future earnings, in the

ed ludlow is outside the courthouse in downtown manhattan. a five dollar stock and to billion-dollar company, what is the significance of the founder being on trial? ed: he was a poster child for the wave of ev companies in 2023 and 2021. i had not had any work with them until that point, and to keep at it going public through that mechanism is that you can make forward projections or statements about what you think your company can do. opening their argument the prosecution said that milton lied about all aspects on the business and the progress that it made on the trucks, the hydrogen fuel was detailed that it was developing. in response the defense was saying it did not lie and it was a distortion. he believed what he was saying and in terms of the investment errors -- investors, all of the information was available publicly through the website documents and the burden of proof is on the prosecution not just to prove that milton lied. he faces two counts of security and wire fraud but the prosecution will have to prove that his comments are

ed: i am ed ludlow in new york. this is bloomberg technology. in the next hour, mark zuckerberg warrants meta employees that restructuring is on the horizon. the company implementing a hiring freeze and will shrink teams to shift energy to other areas. we will share more of the transcript obtained by bloomberg. apple gets downgraded following bloomberg's report about iphone production. now we are learning of a high-profile executive leaving the company after a crude tiktok went viral. we've got a talk about the selloff across financial market. the s&p 500 drops to a 22 month low as the fed hocks circle. big tech takes a beating. this get straight to the marking with katie greifeld. katie: it was a cell or risk kind of day. the rally we saw yesterday? forget about it. s&p 500 down by more than 2%. it is just a cascade of bad news. nasdaq off by even more. your big underperformer was the philadelphia semiconductor index off about 3.3%. all of that coming against a backdrop of higher treasury yields. let's look at some of those single names. apple

ed: i'm ed ludlow in new york and for emily chang, this is bloomberg technology. artificial intelligence, a whom annoyed robot in a recruitment drive for how tesla works. the ev make a -- maker hosts its second ai day. we discussed what to expect. bloomberg learns that the super agent is pushing a settlement between twitter and elon musk. the social media company shares jump in the key players are revealed. starting her own firm. talking with her on how she plans to put the 1.5 billion capital she raised to work. we will get to all that in a moment, but let's get to the markets. wow, what an end to the week, to the month and to a quarter brutal to the nasdaq 100. here is the latest. >> pretty much everything under the sea. everything trading sharply in the red. it has really been a brutal september. i have emails from analysts and strategists saying good riddance september, that is a signal of all you need to know for the nasdaq 100, in particular. a third quarter trading in the red. longest quarter trading streak since 2002. this pain has been across the board. y

haidi: he was speaking to bloomberg's ed ludlow.the fed speaker that directed a lot of what we saw when it came to the session overnight. take a look at what we hear from mary daly, the san francisco fed president speaking at a banking symposium in singapore. mary daly saying the struggle to bring down cpi and not attribute to the downturn is what they are dealing with at the moment. has to balance inflation and employment. mary daly also saying inflation is high in just about every country in just about every country and that the fed remains resolute in reducing inflationary pressures without long-term damage. really echoes the commitment we see from a number of fed speakers including fed powell about the fed's commitment to getting prices down. we had from the fed chief in james bullard warning that there credibility is on the horizon and they need to keep raising rates to restore price stability and it was really that sentiment that was echoed by the chicago fed chief, as well saying the bank should deliver on the rate increases