anurag: not a close to it.gy that is all ai enabled applications. they run at a speed you cannot think of. you need processing power on the cloud to run that. the current footprint is less than 25% penetrated in the cloud. we have a long way to go. jonathan: you sound incredibly bullish. to go back to have an understanding of the best five years, six months are you saying the cyclical headwind their effect cloud headwinds in this company, ignore them? anurag: not for the six months. i think they in get tough. my view on cloud is negative going into this already seizing. i was proving wrong by microsoft but last night. this thing is going to continue to have massive pressures because companies are not spending on cloud. jonathan: just amazing. tom: you have to come back and talk to us about ai there is a huge debate about ai. jonathan: this was fantastic. thank you. tom: can i get tearful here? where in the end of april. we are so lucky to go from your end -- jurrien timmer to anurag. sumi shaw to jurrien timmer

anurag: it is going to be a long-term project.u think about it, 90% of the iphones are under, let's say, $300 or $400. i should not say iphone, but 90% of the smartphones are under $300. apple does not play in that market, so it cannot tap into it. as that middle-class becomes more affluent, they are richer, the per capita income goes up. i think that is more of a five-year tenure trend rather than something happening over the next couple of years. caroline: global perspective. we love it. thank you. let's talk about a venture started and a private equity firm. it has defaulted on a loan for a san francisco tabbed. it was for a building in san francisco's financial district. back in 2019, it was to buy overseas real estate. ed: speaking of, working space. there is a big concern that ai could take over more jobs. but it could make our jobs more efficient. what about a four-day workweek? we have sir christopher pissarides for this next. analysts getting more and more bullish about the upside in a deal with microsoft announced one ye

kriti: senior analyst on a rug runner -- anurag rana.he pivot away of technology, shares of natural resources rising on a report that exxon mobil has helped preliminary talks on a possible acquisition. what you need to know about a potential deal. this is bloomberg. ♪ what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. kriti: this is bloomberg markets. i'm kriti gupta. rising reports that exxon mobil -- joining us is julia. walk us through the details of this potential deal. what is in it for exxons? >> pioneer has some of the best acreage in the basin and exxon is looking to expand its midland position. because the acres are neighboring, it is good because when you frack you drill down and out. this would add decades of drilling invento

anurag rana, thank you for walking us through those crucial stories.till ahead -- it is a mixed picture for bank earnings and bank stocks. we will take a look at fears are on commercial real estate and keep an eye on first republic shares. frc shares up about 9%. stick with us. this is bloomberg. ♪ the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com kriti: this is "bloomberg markets." time for wall street week. bank profits slid from morgan stanley. joining us is abigail doolittle covering all things bank and ripple effects. as they caused a frenzy last month, some pieces of the equation or things like western alliance and morgan stanley, what were some of the news we got today? >> morgan stanley is paring some of the law says it started to see earlier in the day. the initial knee-jerk reaction to the worry about net interest income paring off to the worry abou

bloomberg intelligence's anurag rana. caroline: improve your content moderation. the consequences. this is what we are hearing. telling big tech companies like youtube or alphabet, instagram, even snapped, more on what the consequences are. checking out for a moment what is happening with 3m. it makes posteds other health -- post its, other health care equipment, screens you tap on your smartphone. a company that is trying to cost cut at the moment. we are seeing the impact on how these companies look at jobs over all. it is cutting 6000 jobs in the latest restructuring. from new york and san francisco, this is bloomberg. ♪ this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. caroline: some 19 major online platforms and search engines, including youtube, facebook, instagram, and put her will be subject to extra scrutiny and fines under new content moderation rules set by the eu. amy thompson joins us. remind us, the digital services act? >> the digital services act got rolled out by the european commission last year. it is all about raini