baidu is oversee the forerunner.l be other chinese companies that will build other technologies and chinese startups. i have tried a few of these so-called chinese chatgpt's. i will say they are not as good as chatgpt. certainly you can compare their chinese quality with the chatgpt english quality simply because the english chatgpt was trained on so much more high-quality english data. to fix chatgpt, these companies will also need to get equal or hopefully larger amount of chinese data so that will take maybe a year for that to happen. the technologies, i would have to say, i was quite impressed by a few companies' technologies that i have tried. haidi: ceo kai-fu lee speaking with bloomberg stephen engle. baidu will launch its version of chatgpt on thursday. it will not be available for public use just yet. let's get more on its prospects and the prospects of china's ai ambitions with regard to gender from new york, and also here in sydney, marina yue zhang. i will start with you. thank you for coming to the studi

highlighted the fact that baidu is far behind. the company has boasted that 650 companies have signed on to the ecosystem as they continue to try to build up the technology even though this wasn an officil launch, the company said it is still only a test run in-house and also available to a select tech partners. >> i have to ask you why the name ernie bot any significance to that then number two, not doing a live demo maybe hints this is not ready for primetime. what are people in china saying about ernie bot? >> reporter: yeah, a lot of people have been commenting on the name saying why still they said whiy ernie? in terms of where it stands, there is a lot of discussion of the technology and it could be a few generations behind for example, ernie bot does not roll play as chatgpt does. also, a lot of discussion how the chinese chatbot industry has a lot of challenges not only from the technology perspective, but the shortage of a.i. chips due to the u.s. restrictions there is a lot of discussion and rumors that baidu faced that

baidu's unveiling, yesterday, it actually didn't go exactly as planned.a live demonstration of their product called ernie bot, but it turned out to be a pre—recorded presentation, and that actually really disappointed investors and caused its shares to fall quite sharply, by as much as 10%. today, though, its shares are surging after citigroup and others tested ernie bot and said that while it is not perfect, it does work quite well. of course, chatgpt is backed by microsoft, investing millions of dollars in open ai which created that software, while google and others in china are also announcing their own. of course, earlier this week, 0pen ai launched its latest version, gptlt, which not only respond to words, but also to images as well. for example, they can suggest a recipe idea from a picture of ingredients. there are risks, however, and experts have been asking how to verify the answers created by ai, and how to stop misinformation from spreading. but another interesting thing when it comes to chinese chat bots is beijing's censorship. for example,

the baidu is gaining 14%. there is hstech. closing on to 4000 for that tech heavy in on kong it gains of her percent, is tied to the action of baidu. the reader cross, given the support coming through in terms of the drawdown from the fed. the 30 billion as well coming from the larger banks and regional lenders create a 0.7% is the gain when you can look at the topics bank. the safe haven bids for currencies remains in focus for us, this is a story we will delve into in more detail with our guest. currently gaining 0.5% for the japanese yen. the context is that it has been an incredible strong for the nasdaq. artist one-day gain since january. let's get across the latest on the banking terminal with russell, oliver. pressure remains on the bank. and under current will tell us what the ecb's moves could mean central banks were broadly. thanks have borrowed a combined 165 billion dollars from two fed backstop facilities in the past week. it is a sign of escalated funding strains. spring in asia finance editor, russell ward. than

coming up, we will turn to artificial intelligence as baidu surges after the test just revealed a chat gpt like service. talking tech and sticking with artificial intelligence, watching nvidia shares just upgraded to overweight to morgan stanley and analysts saying the development of generational ai is too much of a megatrend to get distracted by tactical concerns. currently up 1% and -- 1% from its highs of the day. this is bloomberg. ♪ did you ever stress about us having three kids? no, that was always part of the plan. three kids?! this was never part of the plan! these kids order the lobster mac 'n cheese! what if she wants to play golf? we're going to have to outlaw golf. absolutely no golf in this house! not under my roof! since we started working with empower, all of our financial questions have been answered, so we don't have to worry. so you never- nope. always part of the plan. join 17 million people and take control of your financial future to empower what's next. start today at empower.com old school hard work meets bold, new thinking, ♪ to help you see untapped possibiliti

meanwhile, chinese tech giant baidu has also unveiled its version of an ai chatbot.sing this will change how millions do their work every day. what might ai mean in practice? that�*s the big question. it has really taken the tech world by storm ever since chatgpt was unveiled back in november. ever since that everyone has been rushing to unveil their own arrival, and baidu unveiled yesterday, it didn�*t go exactly as planned, it was meant to be as planned, it was meant to be a live demonstration of their product but it turned out to be a pre—recorded presentation. but actually disappointed investors and because its shares to fall sharply by as much is 10%. today the shares are searching after citigroup and others tested ernie bot ann sudmalis not perfect, it works well. chatgpt is backed by microsoft, investing billions of dollars in al which created software like that and others in china announcing their own. earlier this week open ai gpt format which cannot only respond to words but images. it can suggest a recipe idea from a picture of ingredients. there are risks

baidu won a permit for a dr driverless taxi service in beijing.his morning >>> with the turmoil in the banking sector, it may not feel like of the markets are on track for a winning week nasdaq up 5% this week mega cap tech is performing. the new york stock exchange index is ten of the highly traded tech giants up 10%. some up this morning, is -- morning is amd and apple and alphabet let's talk about this resiliency in the tech sector is sofie gates. great to have you here. >> hi, good morning. >> why is tech doing so well we are seeing turmoil in the financial sector and the potential of another rate hike which reduces the profits of the companies. why are investors feel confidence in tech >> this is certainly a bit of a turn around compared to what we are used to and the narrative is shifting what we are seeing is a weakness in treasury yields which is pushing investors and pushing the crowds toward other growth and income avenues people are basically trying to seek safety in the growth names which is, as we say, not something we saw coming a fe

over the past week i was in china, to witness the baidu earning launch.recorded launch, i would say i also had my hands around baidu's earning bought so i've been test driving it as well. there are six different metrics, i exceeded my expectations in speed and content moderation, which is crucial for chinese regulations. yvonne: i'm curious, what are some of the questions that you ask? how do you test this thing? what really surprised you the most, i guess. >> what surprised me the most is that the market has underappreciated baidu's earning bots. when i test drive it, the question i ask would be, for example, write me a few lines of code. that's one thing. another thing would be cost model capability. when i type in instructions he can basically pop up a bit -- video clip or audio or content generation. yvonne: how close is it to chatgtp? >> i tested whether it's the new thing. overall without a doubt chatgtp is still advance compared to the chinese chatgtp alternative. and generally it is 1-2 years ahead of chinese language models. david: i love how it

baidu is the front runner.e other chinese companies that will build a similar technologies and a few startups. i have tried a few of these, so-called chinese chatgpt's. they are not as good as chatgpt. certainly you cannot compare their chinese quality with the chatgpt english quality. this english chatgpt, was trained on so much more high quality english data. to fix the chinese chatgpt the companies will need to get larger amount of chinese data. that will take may be a year for that to happen. the technologies i would have to say, are was quite impressed -- i was quite impressed by a few companies technologies that have tried. haidi: kai-fu lee speaking with stephen engle. we have breaking news, u.s. lender under pressure. first republic bank is weighing options including a sale. this is a san francisco-based lender. there was a jump on fitch ratings leading to a 21% drop in its stock price. other smaller banks and regional lenders also following suit. first republic is also weighing options for shoring up l

b baidu's rollout, will they disappear. walk us through it. >> if we have learned one thing in 2023, do not roll out your ai chatbot until you are ready. and even if you are ready like microsoft you have to go find all the problems with that it was so interesting what the ceo of baidu did he said, are we ready? no did the market demand it, yes. he spent the whole presentation, recorded, wasn't attractive like the ones we've seen from the western companies, so disappointing and kept hedging it the entire time saying it's not ready, it's not perfect and it raises an interesting prospect, if you step back and say, okay, is china's general tiff ai going to be as good or better than ours what's been happening in the backdrop the chips, export ban. >> of course. >> that directly reels to this we're trying to stop using chips going to china companies like baidu. i don't know if that affected the rollout and quality of its chatbot but it is something to look at going forward. >> very quickly, they're telling us to wrap i can't help

launch baidu has won a permit for a driverless ride share service. ten autonomous vehicles will be available in the government technology park. >> it did say auto mass. as opposed -- >>> china's president xi jinping will travel to russia to meet with vladimir putin. the two leaders will discuss international issues over the visit. it is xi's first visit to moscow since russia invaded ukraine last year. >>> we will take a quick break the banking sector turmoil has a 25 point basis hike jfrom the fed. we will discuss that on the other side ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> european equity markets closing off the week on the front foot so far as investors fears with the banking crisis ease oil

baidu is a completely separate story.day it launched ernie bot or presented it to the public. disappointment they are paired percent higher today. we will talk more about really what the capabilities are of mr. ernie bot. that is c as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. >> we continue to be constructive that we say central banks have the tools and as we can see, respond very quickly. yes, the market is sort of asking for more, but we see pretty much every have day and other being put in place. we do think that over the coming days of that things will calm down. david

baidu is the front runner. other chinese mps will build similar technologies, and a few startups. few of the so-called chinese chatgpt's. they are not as good and you cannot compare the quality with the english quality, simply because the english chatgpt was trained on high-quality data. these companies will also need to get equal or hopefully a larger amount of chinese data, so that will take may be a year for that to happen. the technologies i would have to say i was quite impressed by a few companies on the technologies i have tried. haslinda: that was the ceo of one company speaking to stephen engle. still to come, the impact of the silicon valley bank on the early stage clients. that is next. keep it here with us. this is bloomberg. ♪ ever better. it's when disruption hits your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload capacity and dedicated trucks and drivers. get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and

[laughter] susan: china's google, baidu, best performinger today on the nasdaq, and its release of its ernie bot. google with that error-filled bard release, a lot of people were saying baidu rushed it, a lot of their engineers were forced to work around the clock in order to get it ready. but analysts disappointed yesterday, today bank of america and citigroup now giving their approval. so the stock goes up in that case. microsoft, i know you love this, 5-day winning streak. we are on pace with the best week for microsoft since november. if we get 15% plus gains, best week for microsoft since 015. don't you love that, stu? stuart: i am watching it. [laughter] susan: you love it. and that's because, look, they had some great offerings, infeudsinging a.i. into their concern infusing a.i. into their cloud offering and really this a.i. rally continues, this boom. stuart: invid that -- susan: speaking of which, same story, they were upgraded by two brokerages. morgan standly says it's concern stanley says it's a buy, and chip stocks are set to be a major beneficiary of this a.i. boom in or

okay, put up baidu. let's have baidu up on the screen please. now there is a winner. 3.8%. story? lauren: what a story. they are investing in chills that are open source to avoid potential u.s. sanctions so looking at the geopolitics between the u.s. and china and they don't want to get stuck in the middle of a fight so they are trying to get their chips in ways that if there's retaliation , the u.s. won't put an environmental war sanction on them. stuart: i see carnival, the cruise line moving and it is down. lauren: all the cruise lines are down today. carnival does report on monday. they are pre-warning, we're still going to lose money but revenue is to jump by 167%. stuart: but look at that stock price, carnival at $9 a share. way above that before the pandemic as i recall anyway. thank you, lauren. now this. california reportedly wants to use federal taxpayer dollars to house the homeless. why should the rest of the country be responsible for bailing out california again? we'll get into it with caitlyn jenner. the new starbucks ceo wants to get his hands dirty. we'll t

the white house the walls suddenly fell asleep, officials began to frequent, and baidu had to explainll hadn't come to aga let's look at it more broadly for two hours after the catastrophe the environmental protection agency already. there, for 2 hours , all the big agencies of the us government were involved in the accident and cleanup, and i spoke to the sintras and congressmen and let them know that they would receive any help that they needed. true, the locals had a slightly different impression when we heard president biden's interview. i have and my wife's eyes popped out of her head. he said the accidents took up within 2 hours. i don't know about him, but the minister of transport came here only after three weeks. even now, when biden's schedule. it would seem that he allows him to visit, the affected us president chose to speak to the democrats in maryland. they evaporated in front of the inhabitants. i still. i hope that the president will come and sleep on steam if the most powerful person in the united states and the world is here and in our city. and he'll say that here i

maybe that one was a pair of 2s and we got rid of baba and baidu this week after those. respective earning results. >> so where do you stand on kweb, chinese internet >> looking at options trades occurring over the last three months, we've highlighted these a bunch of times, very good and very right when it comes to fxi and kweb, it seems like this play to the upside buying calls is a cheap shot. we've seen volatility option contract volatility be a little bit cheaper than what we've seen, say call it last year around this time it makes sense a trader out there is taking a shot, buying a call, playing to the upside, and it just does feel like a 2003 scenario, we're coming out of this bear market, entering maybe a new phase of a bull market, the same way we did back then in 2003 where sort of gold took off, emerging markets started to take off it kind of has the same sort of feel and maybe this last month in february, the shakeout in the chinese markets was just that, a carpet shakeout, and now it's poised to move higher. >> mike, you also saw, as you mentioned, activity

you take a look at a baidu.ock has been under pressure and the fundamentals, the growth haven't kept up. there has been pressure. as you well know some of the geopolitical tensions, and i mentioned it here, it costs a lot of money to make inroads with the american consumer starting from a very different base than an american company. you have to look like an american company to gain consumers and that costs money like super bowl ads. investors don't like that. >> dee, we are seeing a big move higher tied to the east asian market, korea, and that's because we saw the chinese government, quote, unquote, approve a new slate of games for rollout in china so that kind of got some folks to thinking whether or not that crackdown on big technology, big media in china is abating a bit. do you see other signs of that happening? is the chinese crackdown on big tech over? >> let me go back to what i say pretty much every time we talk about chinese stocks, these are trades not necessarily investments. one day beijing is sayi

400 million dollars that were allocated based on the results of the past itself, and also president baidu said that over the next three years, the administration if the congress of this supports will allocate 9.5 billion dollars on the goal says what about new initiatives joe biden noted said about how countries democratic country united to help ukraine resist russian aggression demonstrated the power of democracy let 's listen we are watching the unprecedented unity of democracy that condemns a cruel aggressive war of russia against ukraine and in solidarity with the brave ukrainian people defending their democracy so today , the united states rests on its unwavering commitment to strengthen democracy everywhere in the world, one of the key directions of our work to promote democracy will be to ensure the possibility of continuing the development of technologies that are used to promote democratic governance and not to undermine it. president of ukraine volodymyr zelenskyi, who by the way spoke in english , said that while people living in stalinist democracies may read about the struggl

and a lot of the chinese tech giants like alibaba, tencent and baidu are also playing catch—up. similar commitments. however, this is not enough. as i mentioned, a lot of companies are cleaning up their own data centres, electricity and emissions, but they haven't do much in terms of cleaning up their supply chain, for example. so the data centre may be run by clean energy, but the equipment, the service, the chips inside of computers etc could still be manufactured with dirty energy. ruiqi, i want to ask you this. you know, when we see environmentalists campaigning against climate change, we see the same old messages, you know — stop flying, don't drive a petrol or a diesel car, cut your meat consumption, etc, but what i've never seen from a campaigner is a message about reducing our digital footprint, like send less e—mails or text messages, stream less tv shows or films. i personally haven't seen those sort of messages. i'm wondering, ruiqi, have campaigners missed a trick here? you brought up a really great question. definitely these tips helps reduce our individual carbon f

be more empowered because of the delicate list and people not on it the internet bosses of tencent, baiduthese bosses, not on the list. those who are, there is one that is one to watch. it is mainly stap chip companies. a little bit of an indication there of where things are headed >> eunice, if you were to kind of forecast and speculate is not the right word for it. if were you to anticipate what this means for the business environment in china, there have been those in china who said is very hard to invest in right now. not a lot of clarity with the government view on things. it seems over the last self months, -- several months, they have taken a big tstance against big tech these moves make it seem they will ramp up that regulatory pressure again do you believe the chinese communist party gets it and maybe technology is part of their future and these companies are probably going to be at the tip of their spear >> reporter: i believe they believe technology is the top of the future they believe they are in control of it. that is the indication there have been a lot of mixed signals we

we are seeing jd.com, baidu and others rallying, it is a potentially elegant solution to criticism from chinese government of monopolies. does this mean the era of crackdowns are done and dusted? we get back to the ubs story, ermotti's back. ralph hamers will be an advisor. this is bloomberg. ♪ dani: this is "bloomberg daybreak: europe". i'm dani burger in london. these are the stories that set your agenda. ubs gets a new boss, sergio ermotti is named group ceo effective april 5. alibaba leads gains in asia as it announces a six-way split. futures point higher amid uncertainty over the fed path for rates. jefferies warns wall street's dealmaking slump is not over yet , a potential harbinger for big bank results next month. the big story this morning breaking about 30 minutes ago, ubs named sergio ermotti as the new group ceo starting april 5. let's get to bloomberg's francine lacqua who is now splitting her time between london and ceric. -- zurich. the ink is not even try on this deal between ubs and credit suisse. >> we had rumors they were looking for an old pair of hands who knows wh

investors, taking stakes even in american companies, like epic games let's take a look at a few others baidu. you can see this being a company ripe from this model pinduoduo, it is pushing abroad and expanding its logistics footprint. >> well, they can say look at what we're doing for the private sector they're unfetterred. they can create thousands of billions of dollars in value through ipos they also reduce the influence and the data, particularly important the data held by one large conglomerate that's what happened to jack ma, right? he was so powerful that he was able to say things about the chinese banking sector that beijing really didn't like and that was the moment where they said, hold on a second, these companies, these ceos, these billionaires are too powerful, we need to knock them down a notch. >> so is there a sense that it is the hand of government of the ccp that is driving this in part >> absolutely from people that i talk to on the ground. the companies aren't going to tell you that. they're going to say they're unlocking value. but you have to remember that beijing has a

going to take this opportunity to ask some serious questions to other chinese tech companies like baidunt as to plans about subsidiaries. >> will this be the chance for investors to become more confident about the regulatory system in china given that we have seen in the past investors and markets not really convinced that china is done cracking down on these big tech giants? >> the last two years have definitely been difficult. but we do not think -- we do think that this was proved by the chinese government. and it is not a coincidence, the fact that jack ma appeared in china for the first time, in mainland china for the first time a few days after the restructuring being announced. we already believe we are into the phase of implementing the regulatory blitzkrieg we had in 2021 and we are definitely seeing that happening and the government be more focused on growth rather than regulations. >> are you worried on the backdrop right now of the banking turmoil that we have seen in the u.s. and europe, we are seeing more calm right now, but how long will it last until em banks get hit as

google aunnounced plans for its own chat bot called bard and baidu will release earny bot after testingarch engine observation to draw eyeballs to their content and their advertisers. others have opted to write click bait to appeal to the algorithm, hoping to entice someone away from the endless scrolling. no one can agree on just how much money the tech industry has already siphoned from journalist in the past two decades but chat bots will likely be devastating to its click driven economy. new laws could help and in just over a year australia has gotten google and facebook to pay media companies their more than $140 million for using their news content. the guardian alone has added 50 journalists to the newsroom down under. it is always good to remember that ai chat bots don't actually know anything. they learn it from existing knowledge created by human beings. in this case, journalists. if these human beings didn't exist, the chat bots would have nothing to say. thanks to all of you for being part of my program this week. ly see you next week. we're reinventing our network. ♪ ♪ ♪ fa

sector rallied on the back of some intelligence -- artificial intelligence enthusiasm -- linked to baidu. inning 4.5%. nasdaq futures pointing to further upside. you are looking at gains of more than 5% as things stand for the nasdaq this week on expectations that rates will come and slightly lower and increased liquidity calls coming through on the federal reserve. euro-dollar 1.06. supporting games of .5% tying into the moves around 50 basis points from the ecb but softening the dollar as well. two year you have seen these moves lower in terms of yields. still 80 beating -- 80 basis points below the level that we got pretty hot data around inflation. february the second around that time is where yields are back to. 4.13 on the front and a move of one basis point. it has been a crazy week for lenders around the world. lenders are concerned about the future of credit suisse. in u.s. the turmoil following the collapse of svb's ruling on. let's bring in oliver crook in zÜrich and tom metcalf from our finance team. let's start with credit suisse. oliver, where do we stand this morning? >> i

big tech was baidu, alibaba and tencent, the bat companies so to speak.f that kind of cold war that's been taking place between big tech in china and the government. i think this is a good indication of that because i don't know that alibaba would have proceeded with this plan without at least the tacit endorsement of government interests. >> so i also -- i love that point, scott, about what might be going on here. it does seem odd because we already know the chinese government has an appetite for going after these big tech names but we're also in the middle of kind of an arms race against the u.s. do they ever feel the need to amass more power and kind of direct it more clearly? i'm just curious about that dynamic. >> i think a lot of people have viewed kind of where alibaba's based and the involvement actually potentially of the chinese government as a possible risk. and we've seen that risk come into very clear focus for a lot of different companies in a lot of different ways over the last couple of years. it does seem like, kelly, and i think you make

ten sent, baidu, bytedance under that one umbrella.on for chin's big tech has been ki like for our own big tech companies important to keep in mind, though, when it comes to the chinese ones, this is full circle from 2020 remember that was set to be the world's largest debut. then beijing pulled the plug and kicked off years of regulatory attacks and value destruction. even though we could see billions of dollars reaccrue, the landscape has fundamentally changed by breaking them up china has diminished their influence, fixed idea ceos like jack ma have become too powerful by breaking up alibaba, he is seen as neutralized and investors can't forget beijing has taken the so-called golden shares unclaire what happens if we see more spinoff. they do give outsized power to influence or even to veto some decisions. while the crackdown on china's own tech giants may be easing, micron today could be an indication that attention is now shifting to american companies, that we're finally seeing some of that retaliation. >> absolutely. deirdre, i

and it's boosting the nasdaq, as well we look at some of the chinese e-commerce names, baidu, jd.com,ies but there are down moves in the nasdaq today. let's switch gears to retail now, which is one area where we are seeing profit margin pressures. so our earnings editor, take a look at this we'll start with last year's gross margin levels. look at crocs. almost 64% gross marge an year ago. kohl's around 33%. keep this in mind, what just happened take a look at the numbers this quarter. they are down sharply. crocs' gross margin, ten points down year on year, 53% k kohl's down to 32% walmart fell less than a point, but still missed expectations. remember, the bears are warning these profit margin declines will trigger future layoffs and a broader recession. let's get to tyler mathisen now for the update >> thank you, kelly. the prosecution has begun its closing argument in the infamous murder trial of alex murdaugh, saying the disbarred south carolina attorney is the only person who had the motive, the means, and the opportunity to kill his wife and son. earlier today, the jury visited

it was amazing in the meantime, if we want to get a little jingoistic, bert and ernie with baidu, thatas like a nikola situation. i don't think their bot is powered by -- >> nvidia. >> thank you >> sorry, took me a second yeah we can have the end of the world chat a little later in the show. i want to have it every day. did you see what chatgpt can do and not do it can hold things up and say, i want to give you a website that looks like this. >> mr. know-it-all, you can't make a commerce system without adobe and gpt. that's why gpt is alone. >> when does it start making copies of itself >> become self-aware >> it needs adobe. that's the problem does it have any human emotion >> adobe is very well placed right now. in part, they have so many images >> adobe destroyed docusign. adobe is the necessary commerce system to be with gpt whatever, 5. the chinese, who are supposed to be also powerful have bert and ernie failing last night right in front of us, and the stock goes down. i'm saying, u.s. 1, china, 0 >> meantime, they complete discovery on the doj's second request on figma, which so

baidu, jd.com tops the nasdaq list, another chinese company.house blaming the gop for the deadly national school -- nashville school shooting. waf this. >> how many more children have to be murdered before republicans in the congress will step up and act to pass the assault weapons ban? if we need to do something. stuart: all right. of brian kilmeade is going to be here and, believe me, he is going to react to that. >>> 12-time all-american swimmer riley gains blasting espn for honoring transgender swimmer leah thomas. riley is going to be here on show. i'm going to ask her if she's received any backlash. that's coming up on the programmed today. ♪ ♪ and i remember kind of thinking like, "oh my gosh, i think we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now f

. >> what happens when other companies, other than microsoft, smaller outfits, a chinese company, baidu what prevents that? >> i think we're going to need governments, we're going to need rules, we're going to need laws. because that's the only way to avoid a race to the bottom. >> are you proposing regulations? >> i think it's inevitable. >> wow. >> other industries have regulatory bodies, you know, like the faa for airlines and fda for the pharmaceutical companies. would you accept an faa for technology? would you support it? >> i think i probably would. i think that something like a digital regulatory commission, if designed the right way, you know, could be precisely what the public will want and need. >>> welcome to cbs sports hq presented by progressive insurance. >> hi, everyone. seven days now until selection sunday. but the madness has already begun. unc asheville is tournament bound after storming back to win the big south. drake is dancing after claiming the missouri valley conference ground. and kennesaw state secured its win. five teams have received automatic bids. 27 rema

i did mention in response to one of my quesons earlier that there areajor platforms such as baidu that is trying to bring a.i.-enabled education. it's not -- 's a bit of a parallel concept where it's -- the virtual assistant type of approach. so that is actually quite widespread and bringing that to rural areas, that's meant to pose as an assistant, as a complementaryethod to ral teachers, torban teachers. and so measurg the efctiveness of that is pretty mulmost impossible. but it is somhing, it is also something that i would say is -- exists in the u.s. in a little bit of different form where that's a bit more in person. one of our research efforts has quantified the port foale of summer camps an after schools and things like that to enhance ample i. education as well. buthis is another facet that is not necessarily, i wouldn't say it's as explicitly called upon in the strategic plans but it is one of the eects of how industry is trying to help build interest in sharpening the -- i think this kind of goes back to the first panel a little bit in talking about the lack of educational ba

stuart: okay, baidu where are they today? lauren: up in a big way, up 5%.they were criticized last week for the big demo of their version of chatgpt called "ernie " that they did this big demo and people were saying well we want to see the real thing and they finally showed real thing, more than 30,000 business businesses sign up, bank of america and citigroup say pleasantly surprised. stuart: and up it goes 5%, thank you, lauren. now this. an event hosted by libs of tiktok canceled over threats about unsafe behavior. it was supposed to be a story time for kids. the publisher didn't want to take any chances we'll tell you all about it. one news network telling staffer s delete tiktok on their phones immediately we'll tell you where that's happening. china's xi-jinping beginning his three-day visit to russia. putin and xi say they are dear friends and china claims this is a "trip for peace." is it really? edward lawrence has the story from the white house, next. you'll always remember buying your first car. but the things that last a lifetime like happiness,

tencent, baidu and jd up. let's get more on the top story and bring in our chief correspond, he has been breaking the since last night. >> the ba ba babies. six new babies coming from alibaba. are the some of these six parts greater than the whole that was alibaba before the downfall, if you will in october of 2020 when the ant ipo was scuppered. this stock has been in limbo. it became a behemoth, it was an 800 billion dollar valued company, and many different businesses. if you add to that regulatory overhang on it, it became a shackled giant, it couldn't expand to the way it used to. it was being saddled with unprofitable divisions. they couldn't go into areas because of the regulation into areas that were providing the growth. that's where the market is celebrating. it goes back to the question, is the sum of all these parts greater than that $800 billion that was before. it's $220 billion of value of companies, gloucester $500 billion in market value. if you look at it divisions and start picking out each

robin lead of -- robin li of baidu.o promote their industries and have policy adopted to benefit them. they have been dropped in favor of executives and at the chipmaking business, ai and electrification of vehicles. shery: the u.s. is not just targeting chips. chinese apps including tiktok increasingly in the spotlight. what is happening? >> we know tiktok was under the spotlight of the trump administration. the biden administration has picked that up. they have not banned it. there is another review under the treasury department. this is led gina raimondo in a bloomberg interview had to say. it is not just tiktok. >> what we are worried about is chinese backed companies being on tens of millions of american funds including members of the military and privacy concerns, daily concerns, misinformation concerns. that is not just apply to tiktok. >> we just saw a story across the bloomberg terminal. the biden administration has added a number of new export restrictions for dozens of other chinese companies including activi

in the past five years we have had the platform economy, like tencent and baidu.ropped off the list starting for the next five years. on the one hand, that would tell you they have fallen out of favor. i will look at it for the other side of the coin. though the names are in more strategic areas of tech, the chairman of they get some conductor makers, of ai makers, as well as the mobile phone maker have moved into economic vehicles. ev's, aia, semi conductors. those of the new strategic konami's of tech. -- strategic moves of tech. haslinda: of course, they are looking to the fdc for guidance to do with conception. what are we expecting? eric: this morning, if you look at the press conference, the governor recommended things are working quite well so far. there could be a similar tone on sunday. the governor will slip continue this tone of supporting housing. this is for living or speculation. they are not going to stimulate another housing boom. they would like to prevent a collapse in the housing market. rishaad: thank you to eric zhu and stephen engle. we are l

uh, there was a baidu, but only five minutes were enough to answer uncomfortable questions from journalistsu in california mr. president do you know why this happened? can we be sure? what is this? it won’t dry out, do you expect other banks to fail mr. president here , it’s probably more accurate to note that there are no uncomfortable questions, there are uncomfortable answers, biden, which the white house tries to avoid, can also be found positive grandfather did not get lost did not stumble. something said his speech, turned around and opened the stuffy door, whether it was necessary or not. this is also a question in general, but he discovered something there, but even this fact, that it seems like a five-minute statement passed without such usual excesses. he caused a certain reaction in social networks, which literally registered memes about canoes, which they try to pretend that, uh, the banking crisis that threatens the united states, but two doesn’t mean anything at all, and these pictures in the form of their e, screens and that’s it. this case is actively spreading first of all

alibaba at the highest level of they up 50% tencent at 8%, baidu at 5 -- -- >> let's get more when it comes to the largest overhaul in the more than two decade history. this is really the culmination of reels of -- years of regulatory pressure from beijing. he says it is a combination of what they had to do, as well as unlocking value for investors. . >> this answers a lot of questions and raises a lot of questions i would get the raising questions and just a bit, the and -- the answering of questions this is a bit of a breakup if you want to call it that, not a forced breakup, it likely internally structured, it would have to have the blessing obviously of the central government to beijing to have this go forward. to have this behemoth, we all know alibaba, really used it earth to buy up a lot of different businesses. it shape them their own way. that is why there was this big antimonopoly regulatory crackdown. what we are seeing now is a breaking up of that large -- and unlocking the value, it did become a little bit too big, it did not create the returns. there are a lot of busines

whether or not this is now a model that we will see for other big tech giants, the likes of tencent and baidu't get over the big navy bob -- baby babas. >> investors liking the right cap plan, splitting that empire into six big baby babas, yielding public offerings as well. you can see the sin hong kong, up 12%. that has helped global tech stocks. you can turn to your bloomberg for this. you can get commentary and analysis from bloomberg experts and editors. the market opens in seoul, korea and tokyo are next. this is bloomberg. ♪ ever better. it's when disruption hits your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload capacity and dedicated trucks and drivers. shery: this is "bloomberg daybreak: asia. " coming up from a positive session on wall street, every -- in the green. the bull market of more than 20% from its low. more on those tech stocks given that we will have more on the restructuring of alibaba. haidi: that has created so much optimism that this will unlock value for shareholders, but also potentially creat

so, the regulator had clarified that companies that are already listed, companies like alibaba or baidunot have to file for these regulations unless they decide they're going to list and -- in a secondary listing or raise more capital so, that is the reason why we saw this rush of chinese companies trying to sort out their ipos before today. seven chinese companies listed in the u.s., and it doesn't sound like a whole lot, except there were six companies in all of 2022, guys, that listed in the u.s. because of all the geopolitical problems. >> wow as good a month as the s&p has had, both the fxi and kweb have done well. a shift in politics. eunice yoon in beijing. >>> dan niles is warning of more bank failures ahead but he says it's time to buy nesam like meta and nvidia we'll discuss with dan who has had some pointed views on the market in recent quarters. stay with us if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthca

everything else is like a pc >> to your point, reports today that baidu, in the "journal," is scramblingain its chat bot ahead of its event on the 16th >> they don't have it unless they stole it. look, they can't -- the biggest worry, and i don't want to put it out there in a way that sounds bad -- toaiwan gets taken over by china, taiwan semi makes the nvidia chips the nvidia chips can no longer be kept from china that's your -- you want to regulate go, i don't know, send the -- create a nine fleet and put it right there. seventh. send every fleet that's the real worry. >> right as for the pace of innovation, we've been talking about whether this is hype or whether this is real eric schmidt, of course, of google fame, talked about how much of this is actually important to watch take a listen. >> i'm used to hype cycles, but this one's real. in the sense that, enormous amounts of money are being raised to implement and build these systems. the sense, to me, is that this moment is a clear demarcation, a before and an after. what we are doing is working on systems that will affect the way

tech names, especially those in the private sector, are now off the list, so this includes tencent, baidued quite significantly in that we're seeing a lot of state and partially state-owned companies in the chip industry and the a.i. industry represented much more at this event. guys >> you know, eunice, there's nothing you said there that would seem to me to be something that investors would like to hear, and i just wonder, is this already expected so much that it's been incorporated to a certain extent in investors' outlook for many of the companies that we follow closely, or are we going to here in the u.s. wake up to a lot of headlines that send these stocks down >> well, i think there are a lot of mixed signals that are coming out of the chinese leadership. i think people are expecting that the direction is still going to be much more state controlled because of these latest signals it was only a couple days ago that president xi had talked a lot about the importance of foreign investment, that they're rolling out the red carpet for all these international ceos to come to china and i

we help baidu a lot. this is a great idea.ponsible finance, components, of course, the main problem will concern the european union , we showed that it should not be dropped into the water, if only the americans did not complain about it over the phone. i believe that it is necessary, as it were, to quickly solve the assigned tasks, so that there are as few such incidents as possible, because the longer the duration, the component will increase well. yes , now they will rise, as if another reaper, i will not, of course, break, respectively, just red laziness. that is he will check how much further biden can advance as a result of the fact that his election campaign is about to start soon, as if he would not be able to normally from this means, so the problem is included in the following. now the main risk lies in the duration of this entire process. here is the second very important point, which concerns finances, because we must perfectly understand how to actually distract something. hey bahmoud. e, zaporozhye kherson region