ed: what is exciting?an: the workloads that you need to run the ai system to run these recommendation engines, reports the ability to do multitasking, to do parallel processing. nvidia's processes do that. ed: bloomberg's ian king is not quite as old as a chip industry but he is here a long time and we are grateful to have them. we are watching shares of alibaba search under the second day of news that the company is splitting up. we will bring you the details of that plan next. this is bloomberg. ♪ ed: alibaba's massive overhaul plan boosted chinese tech stocks tonight with investors -- the revelatory environment improves and shares of alibaba surged earlier by the most since november out in a long tongue after the news of the company will be slitting its to $50 billion empire into six business --$250 billion dollar empire into six business units. they have been having time to digest what is going on and we are hearing develop its on how they will present the plan. >> this is the second rally in two days

ed: i'm ed ludlow in san francisco. caroline hyde is off this week. silicon valley bank finds a buyer. we will give the details of first citizens' takeover and what it means for the biggest financial -- failure since a financial crisis. mike wilson warns of elevated risk in markets. we discussed with greg boutle bnp paribas of. -- greg boutle of bnp paribas. the semiconductor index is down. first citizens stepping in for svb. yields higher, risk off going through the bitcoin, below 27,000 u.s. dollars this is a week where we are antsy, waiting for the amount of fed speak to come. this chart tells the story of the yields moving in relation to s&p futures. we thought we would get a bullish tilt. that is the macro picture with movers. >> a tech company working with nonprofits. the stock up nearly 12%. it rejected an unsolicited takeover bid from clear lake capitol for $71 a share. they said it is too low and shareholders agree. guggenheim raise the price target from nine dollars to $12. . a good day for snap. the story of the day is what is going on in t

ed: things to you both.coming up, more on the banking crisis impact, particularly on tech investment venture. caroline: we have got to think about the funding that has been drawn out. just check out the shares slamming today. it said it will halt operations while attempting to get more funding. a part of its value being eroded on the day. -- a third of its value being eroded on the day. this is bloomberg. - [mo] if you're thinking about going back to school, this is for you. ♪ - i ended up spending less money my entire time at snhu than i did in just one year at my other university. - [juan] my time at snhu has given me more confidence. now i can go for that promotion. - if you're ready to go back to school... you can do it. southern new hampshire university has changed my life. and it can change yours too. ♪ - [announcer] visit snhu.edu. 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 small... and see how changes you

ed: i am ed ludlow in san francisco this is bloomberg technology.panies space race is taking shape after venture capital firms spent more than $6 billion on space related tech. based race is dominating launch and growing its own constellation of startling satellites, competition is heating up between smaller players. recently valued at $1.4 billion. joining me is the ceo, john. tell me about this company. you have this big moment. the satellite is built. it is moving just down the road from where we are sitting down to florida. why? guest: thank you for having me on the show. we built a new kind of satellite, and microsatellite from -- four higher orbits, geostationary orbit, you can put a satellite up into space and parking over a country providing continue it -- continuous service with that one satellite. that allows us to provide service at very low cost compared to other types of satellite applications, compared to the old school satellites have come before, today is a big day for us because we are launching, we just shipped our first satellite

ed: and i'm auto -- ed ludlow.pto market struggling to power through the enclosure of silver gate capital one of the main banking providers for cryptocurrency. bitcoin hitting a two-week low for mark let's bring in. >> we're effect from the collapse of ftx last november. a major client of story gate and as a result suffered from a bankrupt luster. they said they disclosed our losses and then they said they are evaluating if they can stay afloat internally and they also indicated risks being investigated by the department of justice so this prompted in exodus. one of the few and key payment platforms to transfer u.s. dollars between each other real time. caroline: all of these saying our ties with silver gate are being put on hold for the time being where do we go for this ability to transfer to ensure the pipes are still working, the infrastructure as to where. >> that is the question they are trying to figure out. and other bank is signature bank that they are planning to reduce the deposits from crypto companies

ed: we are grateful for your time. you come at this from the academic perspective, the research and policy perspective. when i watch our audience and asked about questions for you, they basically asked is this just sour grapes? is this those in the field that look at open ai and say you are the leader, we are trying to catch up and that's why we want halt? >> not at all. we are not in the business of commuting in the commercial market. some of the underlying technologies of large leg which models emerged from academia and hurting much all of the deep learning technologies emerged from academic and basic research labs. this is really a question of asking that the systems that are deployed that affect the lives of billions of people are systems that we understand and that we can show our safe whose capabilities we can predict. i don't think that's too much to ask. ed: thank you again for your time and staying up late for us. coming up, we are going to turn to talking tech as chinese regulators seek a buyer for svb ventur

ed: that was u.s.etary talking about her concerns around tiktok and other chinese social media at that are said to threaten national security. a former nsa hacker is with us. david, where is the vulnerability? why is the cover secretary concerned about other chinese ops as well? >> we have seen for years that china has created one of the largest surveillance systems globally. cyber warfare, they are one of our competitors in the cyberspace. they yield trillions of dollars of intellectual property theft per year. they do not play by any rules. the big contrast from social media companies in the united states versus china is they control the content that is delivered to the endpoint for the phone or device looking at tiktok, as well as the information that is collected that could be used by the government. government employees, locations, information about individuals, they use this as another source and they are one of the best when it comes to large big data analytics and what they are dealing with tra

ed: right.ou at least are not staring into this kind of post-svb abyss the point capital where? artificial intelligence, fintech, where are the opportunities? adam: we are focused on and always have been for the last seven years so everything we do is fintech. mostly banking insurance and wealth management. there's opportunities in all of those verticals i would say in insurance and bringing down the most has balance sheet intensity, we see great opportunities. plays that are more balance-sheet intensive or consumer facing, there are a lot of people concerned about the resilience -- resiliency of the consumer and access to capital. we have a lot of experience in both and we can price that risk and as you say if you have gotten capital and can underwrite the risk, it's an amazing time to be in the market. ed: adam felesky and erica williams -- and katie roof, think you very time netflix restructuring its film group to make fewer movies but centralized decision-making combining units that produce

ed: yes. it is svb financial that did the chapter 13, svb the branch bank and 10 used to be a california charge bank under the receivership of the fda see and cannot fall into bankruptcy. that said, astonishing reporting on the bloomberg terminal. one year ago the san francisco fed brought in a new assessment team, quickly flagged issues at that bank and asked management to act on it what have we reported? sonali: this is a complicated thing and there are a lot of questions asked, not just about how they lobbied for easiness when it came to how they operated, there is a lot of questions about whether the system across the united states is not equal to begin with. one example you pointed out is the role back in rules helped catapult the expansion here of silicon valley bank in the most recent years. i would also say when it comes to the way they lent to businesses, they had different rules than some of the largest banks that are occ chartered and had really strict rules around leverage lending

ed: welcome back to bloomberg technology. where european markets are closing. stocks europe is up one .4%. euro-dollar is that about 1.08. like in the united states, the action is at the short end of the curve when it comes to the bonds. look at the german 2-year, up around 23 basis points as we pull out of the short end of the curve. more muted in gilts. 3.27%. we're still passing over not only what's happening with credit suisse and usb, but also with the ecb is going to do going forward. caroline: all of that having repercussions for sentiment across technology. let's get back to some innovation in and of itself. let's talk open ai. it temporarily shut down yesterday. that was after receiving reports of a bug that allowed some users to see the chat titles of other users's history. unknown software caused that problem. open ai is still investigating the precise cause. but notable. ed: when something like this happens, you go to reddit and twitter. so many people took screen grabs. they say, i never asked chat gpt that. but

emily: -- ed: and i'm ed ludlow. caroline: we talk first republic stock drop. ed: plus what the banking followed means for crypto. caroline: and the latest on job cuts in the world of technology, amazon announces it is laying off an additional 9000 employees, that in more coming up. let's get the read of risk sentiment, if you are looking at the nasdaq, technology outperformed last week, a stellar week on the nasdaq 100, today we digest what has happened over the weekend in terms of crisis and amazon. the bank index on the higher side apart from a name you are going to drill into. people are getting away from some of the haven bids, technology seen as a haven. what has been a haven over the last week, the bid for bitcoin, up almost 14% over the last few trading days and to gay -- today we do see they 28,000 level. ed: that momentum in the crypto space trance into equity market. this is lower 2.5%, but has since given up gains. bedforms markedly higher -- bitcoin markedly higher, we are trying to see how this will go. you see underperformance in mega caps, they

ed: i am ed ludlow in san francisco. this is a special edition. caroline: we will cover the market chaos from u.s. to europe and beyond. the macro picture and how it affects your tech exposure. ed: how the svd collapse and bank crisis contagion could leave the rattling of fintech. caroline: the outlook on risk sentiment broadly. the state of venture capital as clouds loom over the industry. all that and so much more coming up. let's deep dive into the markets because it's ugly out there. were looking at the tech sector managing to outperform. we have to focus on where the heart of the problem is. credit suisse is the spillover effect. the euro as i last saw, the key redhead line coming across the bloomberg terminal was a two month low seeing the biggest elephant the euro dating back to the heart of the covid crisis march 2020. so much to dig into when we are looking at some of the read across. interestingly the bond sector is where we are training our eye and we look at the significant move day after day, four straight days of 25 basis point moves

ed: we family offices, mel lagomasino. issuing new equity -- amc entertainment issuing new equities to shareholders. caroline: more to talk about in the aftermath of silicon valley bank. still companies thinking if they can buy out. apollo, kkr looking to buy out svb's loans. on regional u.s. bank stops, across-the-board reprieve. pat west from western alliance after they were so heavily beaten down the past few days. this is bloomberg. ♪ (upbeat music) there's more to business than the business you're in. (robot whirring) want smarter factories? that's the internet of things business. accelerating r and d? data science business. hey. have a look. managing global supply chains? shrink our carbon footprint business. thank you. (in foreign language) that's where deloitte comes in. with a potent blend of acumen and technology to help advance and connect all that it takes to excel in business ... to the business i'm in. deloitte. go. go lights. go big city lights. go spotlights. go stadium lights. emerson software helps clean

ed: thank you.p, we will hear from vcs that banded together in support of silicon valley bank. caroline: and the point about silicon valley bank. relationships, not just private companies, but those that did go public remain very intertwined. we got that feeding of the information after the bell on friday. roku now down .7%. it had almost $500 million in cash. we have seen roku down that little bit. ties with rocket labs are under pressure today. a canadian company had 90% of its cash with silicon valley bank. let's get more on the vc community in a moment. this is bloomberg. ♪ conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible. because investing isn't one size fits all. allspring. purposefully divergent. >> it has been incredible chaos. my phone has been blowing up. >> the people most affected are early

ed: one day, maybe. it is possible it will not happen in our lifetime ed: u.s.na relations are not at the best right now. i wonder what role you see business playing in moderating those relations and trying to keep them as good as possible? romaine: jamie: the government e rules. i think there's a fair complaint of governing business we start resetting just 10 years ago. we did not. going forward, the government -- i think they are doing a good job thinking through, what is national security. certain drugs, semi conductors, what is unfair trade. at one point we would have a very important situation with the chinese government, secretary blinken was on his way to do that, then the balloon. i think business will help give advice on how to do things. if you're going to have a outbound investor control, use bureaucracy. ed: jp morgan has a significant business in china. i am sure the government would listen to you. what are the conversations you have on trying to maintain as part of your relations possible between the two nations? jamie: we are taking a backseat to

ed: i'm ed ludlow in san francisco. this is "bloomberg technology." caroline: silver gate plans to wind down operations and liquidate. what it means for the rest of crypto. ed: googles vp for trust and safety talks about the guardrails needed for generative ai. caroline: the runway ceo talks about how the fashion rental is leaning into a cost-conscious consumer. first from the micro to the macro, we see a little more of a mood shift. howell once again, the chair of the federal reserve, up on capitol hill, did not do much to alleviate anxiety. we did manage to see the nasdaq tech heavy benchmark recovering some of yesterday's selloff. the semiconductor index outperforming up 2.7%. we are true -- still trying to fight off a borrowing on the rise. on the front end of the curve, the two-year, well above 5%. inverted yield curve, we are seeing other areas of risk assets on the downside. we are seeing crypto once again under pressure. dollar on the rise as interest rates have come. but crypto under pressure for a host of different contagion issues that are

ed: i'm ed ludlow in san francisco. this is a special edition of "bloomberg technology." caroline: because today we are focusing on the biggest bank failure since the 2008 financial crisis. silicon valley bank started the year with more than $200 billion in assets. today california regulators closed the bank into receivership. basically it collapsed. a top lender to vc backed startups. now it's the second silicon valley bank to fall in a week after silver gate's bankruptcy. this story is bleeding into the tech sector, into the financial market at large, and has the attention of not only financial regulators, the white house, tech founders of all backgrounds. tell us a bit about how it is impacting individual companies at this moment. ed: first off, trading of svb financial group was suspended. had a really profound impact on equity markets. a bank index down for percent. other names, particularly regional vendors we saw pretty deep declines. first republic and signature bank, some of those names. where we did see severe reaction was of course in svb group's debts. i'm kee

ed: i am ed ludlow. this is bloomberg technology.aroline: coming up, hocks hit, jerome powell spooks markets. mike wilson warns growth equities face pressure ahead. ed: more job cuts at meta. the facebook parent planning to lay off thousands this week. more on our bloomberg exclusive ahead. caroline: china shakes up oversight of its vast tech arena. xi jinping focuses on fending off u.s. sanctions and achieving self-sufficiency. all of that and more coming up. there is a lot to digest in the macro part of these markets today. it was one of a prospective coming from jerome powell, coming out fighting. maybe the federal reserve is not done tackling inflation. big tech on deck. all of this worry around what the federal reserve will do affected european trading. we are off by 1.3%. i am looking at this inversion. this is the two year bond yield. the cost of borrowing at the two yield -- year is higher than the 10 by a full percentage point. -104 basis points. this signals the worry the market has about a recession to come. let's look at

ed: there is obviously room to grow. kevin: it is very deep. ed: 50, 100?l not put a number but we are long-term players. ed: you have a good view of the pipeline, what are the expectations as we go through the rest of this year, generally in the m&a market but in particular to private equity? kevin: it is a fluid picture because you have sellers who have to adjust to a new valuation and are not going to get what they would have 12 or 18 months ago. buyers have to adjust to a world where valuations have come down but the cost of capital has gone down. the cost that they can service in a capital structure has to be lower. all that is working their way through the system. over the last six weeks, things have picked up and we are seeing more and more dialogue and we have been putting out commitments over the past few weeks and doing that throughout the fourth quarter of last year but the interest level is increasing and it is, where is everyone in that adjustment and what will it take to get a deal done. if you look at the rest of the year, if you can get a be

ed: thank you for your reporting. caroline, more breaking news headlines are crossing the bloomberg terminal. sources are telling us that y , nader --combinator is advising companies in its performing a two minute exposure to silicon valley bank following founders fund in the last when he minutes. those after our deadlines on silicon valley bank or svb financial group are accelerating down 6% or so. we will continue to track the names that are adding to this story blow-by-blow. back to generative ai. dion nicholas is the ceo and core founder of forethought a ai company for customer support automation that recently launched integration of open ai technology with their own support gpt platform. why open ai? why not your own tech? deon: forethought has been around for five years now helping businesses support customers better. we are launching the world first generative ai platform for customer support automation. the answer to why now? in november chat gpt changed the name of the game for customer experience and consume

ed: right. guest: that said, things are different now, businesses are locking towards the bigger banks. >> treasury undersecretary lee, that has a focus on finance was part of the panel. got very few questions, what she did talk about was insuring the deposit base. what is your assessment of the ripple effects it has had among the positive? do we see the health of the start of ecosystem still impacted two weeks after the bank's collapse? guest: you hear a lot more about how businesses are learning about cash management. apparently they are holding millions of dollars in their cash and checking accounts. now there are other banks that are saying, you can use our sweep accounts, money market accounts you can buy treasury bills through our banks. it is a lesson on businesses on how they manage their cash. it is unfortunate they have to learn this way about banks. that they cannot just keep cash in the checking account, but hopefully with more oversight this will not happen again. ed: as she reporte

ed: welcome back to bloomberg technology.ilson from morgan stanley earlier this morning. big news, google's growth investment fund has named a new leader. one of the only women to name -- to lead a major venture firm. i asked you this and i will ask you again, were your peers surprised by this appointment given your history at this firm? guest: i've been investing for 10 years, so i have a number of amazing colleagues and peers in the industry. it's been amazing to see the support and outreach today. i don't not they were surprised, but they were certainly supportive. >> we can get into the portfolio some of the investments you've made. this is an interesting firm. a lot of capital to play with. would you say that in your new position of leadership, will you change the investment strategy from where it has been? >> we will keep the link on the success we have had. we are focused on investing in generational growth technology companies. really amazing founders, amazing companies operating in big markets. we make very concentra

-- in 2000, ed. ed: thank the program. kristen: you created your own award catoreg speech. why did you do this? ed: it makes things more interesting, and there are a couple of tips that i noticed out of some of the more succ wplulsfrsnein jamie lee cu. air four is a phrase that repeat frequently. for example, the most martin luther king's "i have a dream" speech. jamie lee curtis did the exact same thing. kristen: "i won an oscar"? ed:friends, mom and dad, "mom ad dad, we won an oscar." that is a powerful technique that makes your message memorable. some other mistakes that the recipients did was that they n prepare d. it iserntoutuin have 45 secondse shorter amou otif meou y you hao prepare, and i know that sounds counterintuitive, but jamie lee curtis, she prepared. i love michelle, the best actress. kristen: can i put on pause, because we have a little clip from michelle. michelle: this is proof, bag, and dreams do come true, and ladies, don't let anyone tell you you are ever past your prime. [che

ed: are you saying this is not safe lending?ohn: i would say we are typically focused on investment grade. ed: another situation apollo has been linked with is credit suisse. just explain that to me. is that into the bank itself or the new business that is coming out? john: there's lots of rumors about lots of partnerships with banks. for us, we have been around the banks anyway that has been really helpful for both the bank and apollo. we are looking to work with the banks in anyway so we can provide capital, but nothing really specific. ed: a question i have asked several people here at the conference, and edward foley, as private credit gets bigger and moves further up the capital, writing the same size checks we traditionally saw from the bank, what is the difference between a businesslike heirs and a businesslike direct lending from jp morgan? john: as i mentioned, all of these corporate's are looking for the best execution and solution. in some cases, it is better in private form. jp morgan provides that as well. we have t

ed: all banks depend on them.nt over this market for some time, as some people may have been a little complacent, did not check alltaint the terms and conditions of the securities they bought. i think that will be going on now. hence, you'll see some pressure in that sector. it will get sorted out. at some point, either new securities will be issued or the market will figure it out. i think it is a bit of a headwind. it was such a nice job of the central banks did when ubs took over credit suisse to provide the circuit breaker with all the main central banks providing lines to swiss national bank. it is unfortunate that this at1 write down, it is not helping with that circuit breaker to contain rocket panic. jon: more broadly speaking, people in the fixed income world are trying to figure out long bonds and what happens. we go from an interest-rate story to what we've been watching unfold, whether it is with silicon valley bank, or others, and those unrealized losses. what is the day-to-day like in the fixed incom

ed, thanks so much. ed ludlow joining us as we continue to track the story.et's get some more insight on the state of the banking sector. bob, you heard some of what ed was saying there. what is your own take? bob: i should note today that my views are personal. i think it was a great deal for shareholders. obviously, the market liked it. what i would add is that the 20% discount on the loans gives shareholders a lot of confidence that they can deliver good quality assets. it was an asset deal instead of a share purchase deal, so they are able to avoid any potential legal liability that would come with buying shares. obviously, they are not going to own the securities, so they will not be sitting down with a lot of low yielding assets. there will be a question or two, i am sure, about culture and being a long way from the west coast. on the other hand, they have experience on merging troubled banks and they are well trusted by the fbi see. i think it is a great deal. jon: given that you have so many regional banks, and we should remind people that you know ex

ed: in apple's case, some divisions were awarded bonuses.hat our sources are saying is that those portions will be delayed and reviewed. there is also a key piece of reporting which is that the company is freezing hiring and leaving positions open when employees depart, which is a strategy meta has implemented in the past. but not to the level in apple's case that we saw meta announced this morning. kriti: where the two. -- squared the two. for meta, to a lot of reports are coming out last week. apple as well. is this idea of tech efficiency not over yet? we have heard from a lot of the big players? ed: meta is cutting 10,000 jobs and describing the 5000 open positions it had. a week ago, we reported that this was happening. 10,000 was a big number, bigger then we have been led to believe, but what is so fascinating is if you read the statement from mark zuckerberg from this morning, it is a long list of economic headwinds. he cites higher rates, the impact of regulation on slowing down growth. and so what i was hearing at meta is that there

imagine being at a gig and you get called up on stage by ed sheeran.you put your lights out? in the video, you can see where i look up and it hits me. this was the reality for 22—year—old luke gittins. # but lately, her face seems slowly sinking, wasting... # just felt like it was me and ed in a pub. and i could feel, like, a warmth from him, my hero, like, the guy that inspired me to do what i love. luke's been covering songs in his bedroom since he was a teenager. and every friday, he posts content on social media. but this time, he decided to do something a little different. i said to my mum, "i can't do my cover," and she was like, "just do it there!" i did a cover in the line. and i think ed had seen that cover. after the adrenaline of the night, it was back to his dayjob. i had a gig the next day, and i went from playing the 20,000 people with ed at the 02 — literally, within hours of sleep — to 20 people in a field, a hen party, it was. and it was that evening that i saw that ed had kind of shared it on his socials. it got 3 million views, that

the singer ed - lead to you. and thinking out loud. the singer ed sheeranl loud.inger ed sheeran opens up about using music to cope with depression. welcome to our viewers on pbs in america and around the globe. fbi director christopher ray says it's most likely covid—19 emerged from the chinese government controlled laboratory in wuhan. in response, china has accused the fbi politicising the investigation into the origins of coronavirus and says there has been no new scientific evidence to support the theory. other us agencies believe the virus developed naturally. 0ur north america correspondent john sud worth reports. suspicions have long swirled around wuhan�*s laboratories. now three years after the start of the pandemic, they have burst out into the open once again. the fbi has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in wuhan. here, you are talking about a potential leak from a chinese government—controlled lab that killed millions of americans. from the start, many scientists believed that c

upbeat pop songs have made ed sheeran a global superstar, but i ed sheeran a global superstar, but earliers a tribute to his friend and mentor, jamal edwards, who died suddenly last february. # it hits me most when i'm alone, every morning i remember you're really gone... every morning i remember you're really gone- - -_ every morning i remember you're really gone... now he has revealed that the death — really gone... now he has revealed that the death coincided _ really gone... now he has revealed that the death coincided with - really gone... now he has revealed that the death coincided with a - that the death coincided with a series of traumatic events in his personal life. in a handwritten letter, he told friends that his wife, cherry seaborn, got told she had a tumour with no route to treatment until after the birth. around the time, he was at the centre of a copyright trial, and he wrote... , , wrote... the best feeling in the world, wrote... the best feeling in the world. the _ wrote... the best feeling in the world, the best _ wrote... the best feeling in the world, the best feelin

ed: there were hundreds of signatories to that letter.d them on the show earlier saying that list has now grown to 600 signatures. the thing that still needs to be answered is, how does this whole sector do banking going forward and who does it do banking with the echo silicon valley bank was not just where vcs put deposits. they relied on it for a lot of services. it was the first bank to take risk on early-stage companies. the first person or bank a founder would go to. it would take calls when other main street banks would not, or wall street firms would not either. that is a big question going forward. there's a lot of hope from the vc community that somebody comes in and buys silicon valley bank and it is able to continue operating in the way that it has always done. jon: briefly, for the venture capitalists themselves, are they stepping up in the short term as those startups try to figure out some funding needs? ed: i had dozens of phone calls over the weekend, with people telling me they had to plug gaps. they work or vcs they had

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ed: bullishness is relative to your industry.you think about the broader outside of ai, the broad spectrum of chips, they are one of the biggest chipmakers in the world. they see a slowdown of sales broadly in the second half of this year, but maintained able still see year on year growth. there are a number of conveys, yes some against the high bar from the pandemic era demand seeing significant drops year on year topline growth. we will have some, if not modest topline growth and the readthrough from what we heard last night is ai is a can tripping factor to that. amber: thanks so much to bloomberg's ed ludlow for breaking down the results of broadcom. coming up, a new survey shows the bank of canada could be set to pause its interest rate hiking cycle. we will talk about the widening gap between the boc and the fed. this is bloomberg. ♪ to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving. today, we're producing renewable diesel that can be used in exist

ed: why is tech up? alix: why is meta up 4%? ed: there is no reason or rhyme in the market. interesting to see tesla higher based on the china data that came out overnight. dell responded to its earnings negatively in terms of a tepid forecast for the current quarter. it is not higher as well. there is choppy trading going on. i think the market is shrugging off the data. we are in this phase where good data, bad news for the markets because of the fed and tech is caught up in that. your last guest was talking about how tech is lumped in with growth anyway. alix: fair enough. looking forward to your show tonight. coming up, president biden and german chancellor olaf scholz will meet at the white house. weapons and to ukraine top of mind. what that means for terry haines. this is bloomberg. ♪ like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh alix: we are about an hour into the u.s. trading session. i did not think we would be looking at a tech rally but yet, here we are. kriti: a rally on her hands and a lot of it led by tech. the s&

ed ludlow broke the story and joins us now.his was supposed to be the year of efficiency for meta-platforms according to mark zuckerberg area it follows a 13% layoff and december. ed: according to our sources, the pitch for efficiency goes deep. these are new layoffs of 11,000 that came to the end of laster and are separate from the flattening that meta-has been going through, but tickly middle management. sources tell us and staff are drawing up lists and those could be converted to actual layoffs and one reason it could come quickly is because mark zuckerberg is due to go on parental leave. he is expecting his third child with his wife. what we are hearing from one source is that there is pressure on drawing up those lists. jon: helpful context, when people see the bottom line focus at meta-, they think about the challenges in the advertising market but you have been zeroing in on the challenges with the reality labs business. >> yeah, when it comes to the stock specifically, you have to think of the negative estimate revisio

you write in op-ed a flawed model, bad judgment.ficient thanking i want your take on that why regulatory did not have stress-testing around big spike in interest rates. >> maria, to your first point really quite striking, why the fed made mistakes, and didn't respond to inflation when it was rising, and i have done research showing that it is you know, basing assessment on wrong model of the economy, they institutional mistakes human judgment areas the fed waited too long hiked aggressively to your point about banking, i think i mildly disagree with you. you don't need rigorous stress tests on all banks. all you need is for the fed banks supervisors to do kawhat they are supposed to do you can ask the question, you know, what would supervisors at federal reserve bank of san francisco doing when silicon valley bank doubled in size two years in a row doubled deposits, and very closely concentrating? it wasn't like the financial crisis of 2008, 2009 when banks bought a bunch of mbs derivatives impossible to disentangle this is kinds of

ed: i spoke to investors and that is a concern for them. lot of engineers in their and less strategist. alix: coming up, chevron sees some lack of commitment from buyers of alternative energies. will will speak with michael worth. 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. alix: we are about an hour into the u.s. trading session. abigail: look at this range we have on an intraday basis. these are the s&p 500 futures overnight in the index had been down solidly earlier. begging the question whether we will see some reversal. those mega cap tech indexes are down 2.38 percent. the vix is flat, right around 20. we have some pressure from the bloomberg dollar index. the yields are higher. that 10 year yield is at 4.

ed: it is real, substantial steps to increase tesla's manufacturing scale.a few weeks ago, musk was telling staff that it is about looking 10 years from now and saying what is the actual, in-store capacity we need for both energy storage and electric vehicle manufacturing and how do we get there? there is the news in the last 24 hours coming out of mexico that tesla may announce a new plant a new factory, and also the governor of the relevant states, so that is just one example of how they will do it. but as you guys know, these presentations can be very detailed-heavy. they are like mega power points combined with a tailgate party for tesla investors. and with musk, it is kind of hard to latch onto the near-term target vs. what is there to keep investors looking to the horizon? alix: to that point, it is going to be hard for either base to ignore the twitter question. how does that play into today? ed: as you guys know, i reported that the ceo of -- had made this kind of activist bid for a board seat which he then dropped because as i reported, tesla agreed

so, that's unfortunate. >> reporter: ed used to be a teacher. he observes a lot. you are across the street from the middle school. you see the kids coming and going? what do you observe, the friendly person on the corner giving them food, what do you observe?>>ds of whmoen they come here, they behave good. i make them behave good. >> reporter: how do you do that? >> nice talk to them. i don't need to scare them. just, okay, if you are not behaving good, you don't come in my shop. >> reporter: they respect you? >> simple. if you don't behave good you don't buy anything from here. >> reporter: do you think they are not hearing that or respecting that at home or school. >> i think nobody at home is doing that. >> reporter: but he realizes solutions are multilayered and complicated. >> what is the solution? school cannot fix the problem. the problem has to be fixed from home. they have a broken home. the school cannot do that. unfortunately, that is at what >> juliette goodrich there. we reached out to police and t ease olsclehoto ma your worries about ney. how they e

. >> you have called in an op-ed for common sense regulation. you do want congress to act, you say, with smaller bank oversight. you say the role of board of directors should be evaluated because of what happened at svb. apparently they didn't have a lot of experience on it. the $250,000 limit on deposit insurance should be raised. elizabeth warren hit the same number as you did, 2, 5, $10 million. >> yeah. >> doesn't that trickle down to customers and make their costs go up if that kind of insurance extension happens? >> you're right. former chairman of the sec clayton and myself wrote an op-ed, you have to have a board that haslificaons and understand banking. how can a board oversee a bank they don't have qualifications. expand insurance. you could have tiered pricing, one price for deposits below 250,000 and tiered pricing as your it deposits go up and want them insured it will be more expensive to insure the deposits. the key here is, we need to keep deposits in the u.s. banking system. it's imperative that we keep deposits in the u.s. bank

ed: very nice. guy: look at that. beautiful. you can catch ed alongside his coanchor caroline hyde.omberg technology coming up. they have great gas. this is bloomberg. ♪ everything's changing so quickly. before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. introducing the next generation 10g network. only from xfinity. the future starts now. alix: we are about an hour into the u.s. trading session. tracking the moves as s&p stays above its 50 day moving average. >> looking at some gains. the s&p 500 catching up a bit today of about .6%. big tech your outperformer. nasdaq up about 1%. another quiet day in the bond market. maybe i just jinxed it. looking at a two year treasury yield only up about three basis points currently. that yield is around 4.13%. we were at 5% earlier. some money coming out of the dollar. bloomberg dollar

guy: you can catch ed alongside his cohost tonight.ng up, we need to talk a what is happening with the consumer price story. sticky in the court, that puts pressure on the fed. what is the fed going to do about it? i said it was core strength versus instability. veronica clark is going to be joining us next. this is bloomberg. ♪ these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today. alix: we are about an hour into the u.s. trading session and we are seeing a pretty strong rally. ritika: it is an attack led rally. the last few days were light volume but you see a lot of apple, microsoft in-line with

. >> are you an ed sheeran fan? >> yeah, i mean, not my favorite, but who doesn't like ed sheeran?so we have some news about him. things are not going so perfect these days for circumstance ed sheeran. the mood change, a lot of people are talking about as he gets rey to dropad >>> let's go ahead and show you this facebook page from kris sanchez. she wrote that someone broke into our live truck this morning. while we waited for the repair. the good folks at just for you cafe made our day a whole lot sweeter. the company was pretty good, too. glad she's okay. matthew mcconaughey has a role that's landing him big bucks with the company salesforce. yesterday "the wall street journal" reported the company paid him more than $10 million a year. mcconaughey works as a creative adviser and tv pitchman for them. you may have seen the handful of ad campaigns he starred in, including a super bowl ad last year. he made an appearance at dream force, their annual convention. they recently laid off 10% of its workforce after aggressively hiring during the pandemic. another star trending today. i'

>> norah: ed o'keefe, thank you.fter a banking regulators announced that nearly a dozen of the nation's largest banks agreed to inject $30 billion into first republic, it is an effort to restore confidence in the banking sector. today, treasury secretary janet yellen faced a tough question from the senate about the ongoing turmoil. cbs's scott macfarlane is on capitol hill. >> reporter: california-based first republic bank becomes the third u.s. bank this week rescued from collapse. the infusion of $30 billion to save the troubled lender came from 11 of the nation's largest financial institutions. first republic have lost a quarter of its value by noon today and rattled markets. [bell rings] it would later rebound, with wall street traders said this was only a short-term fix. >> is that a long-term solution? i don't think so. are there other companies that have exposure to the bigger systemic problem? very possibly. >> reporter: nervous first republic customers have seen their banks value plummet since silicon valley

and the singer ed sheeran opens up about using music to cope with depression. in the us, the head of the fbi has claimed it is �*most likely�* that covid—i9 originated from a leak from a chinese government—controlled lab in wuhan. china has accused the fbi of politicising the investigation into the origins of coronavirus, and says there has been no new scientific evidence to support the theory. other us agencies believe the virus developed naturally. our north america correspondent john sudworth reports. suspicions have long swirled around wuhan�*s laboratories. now, three years after the start of the pandemic, they've burst into the open once again. the fbi has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in wuhan. here you're talking about a potential leak from a chinese government controlled lab that killed millions of americans. from the start, many scientists believed that covid had passed naturally from animals to humans. some of the first cases were centred around this wuhan market known to se

what ed was talking about when he was talking about credit tightening situationally is very different with employment going the direction the fed wants with a consumer that, yes, there isç■ some stimulus left over but concentrated in the upper echelon of household e1earnings, certainly not at the lower end, that we can continue to see the spending be what wee1 thought. the nrf came out and said 4 to 6% and that's not what the companies are telling us. >> gentlemen, i appreciate it very much. we'll hear from you soon ande■ round 3, maybe do 12, do 15 like the old days. >> thank you talk to you both oon. >>> still ahead, we discuss what is next forok the banks followi two days of hearings over the collapse of scb on capitol hill first. first, the shakeup at disney, another one, and what could be seen as the nail in the coffin for the nelson peltz drama we'll break it down and what it might mean for the future of that company with somebody who knows it better thanÑ■ most. >>>xd■pulitzer prize author jim stewart is with us that's next.e■ if you have this... and you get this... you could e

will it be a market he mover talking abo ing about ed hyman, are watching "mornings with maria" live on fox business. ♪ ♪ ♪ . ♪ ♪ get $1500 purchase allowance on a 2023 cadillac xt5 and xt6. ♪ visit your local cadillac dealer today. before... & bath fitter. before.. & bath fitter. if you have a "before" bath, now's the time to call bath fitter to get a beautiful "after." with our unique tub over tub process, there's no mess or stress. spend smart on a beautiful new bath done right, backed by a lifetime warranty. join over 2 million happy customers who know: it just fits. bath fitter visit bathfitter.com to book your free consultation. ♪ ♪ maria: welcome back. futures in changed dow industrials up 3 s&p up a quarter point nasdaq up 1.back-and-forth this morning, after federal reserve chairman jay powell yesterday admitted that more rate hikes are necessary, to get back to the target range of inflation and that we could see higher rates for longer. watch. >> -- to anticipate that ongoings increases in the target range for federal funds rate will be appropriate in order to astain a stan

ed: they are doing it safely and conservatively.ave to sign up for a waitlist in the united states and the u.k. and they will do additions on a rolling basis. story is that google has been working on ai in-house for a really long time in a lab environment. they have been more cautious to put it out in the public domain. back on february 8, 40 eight hours after releasing a promotional video, which we are now showing on our screen, the market realized 48 hours after the video on your screen was released it contained an inaccuracy. the net result was the stock fell a lot because people were concerned about this issue when it comes to ai. google has been catching up with open ai. they are doing it safely and limiting the number of interactions and increase overtime, onboarding slowly. it is an interesting move. i have signed up. guy: i look forward to hearing your experiences. in theory, google has the data to make it work. it will they have an advantage? ed: i spent weeks talking to educators, long-standing players in the tech communit