ed ludlow.ou are moving the market. tesla and ford shares are fading. walk us through the implications for the supply chain. ed: we reported they are considering sites in mexico and the u.s. for quite some time. according to sources they were negotiating incentives and do to make a decision. because of the visit sources tell us they decided to push this back to september or october. they just don't want to stoke geopolitical tensions between the u.s. and china in going ahead and announcing a north american investment at this time. catl is the world's biggest maker of batteries for ev's. it's critical for tesla. i guess that as we see the market reaction. sources make it clear the plan is to invest in north america as much as $5 billion in at least one if not more sites. they are making a decision here based on the news of the last 24 hours. jon: having to be cautious based on the views and china, -- in china and being mindful on legislatio in washington. walk us through what happens in terms of

ed ludlow is back to break it down. ed: put your shares are up 3.6 percent.uments from last week, unsealed, show that elon musk a countersuit accusing twitter of fraud. tesla is down a most 7%. after the annual meeting, shareholders approved a three to one stock split 10 we found out after friday's close that that will become effective as of august 25. if you are a shareholder of tesla, you are going to get two additional shares for every share you old. the stock split effective on august 25. elon musk is sailing -- is saying put her was fraud human in its reputation -- representation of its business. the number of uses on the platform that they can make add sales from is around 60 million fewer than put your said it was. twitter denies that in a response to the filing. the second part is that in the month of july, team musk estimates one third of active users on the platform, those actually sending tweets, were spam or bot accounts. twitter denies that. this is the latest tit for tat. we have seen many subpoenas including shareholders of tesla and twitter, t

ed ludlow has been all over this story. your reaction to this? e idea of strategy but there is reality. strategy under the new ceo was to shift on services, subscriptions, classes and away from reliance on hardware. the reality is they were confronted by fixed costs. the quote is that cash is oxygen and oxygen is life. they are looking how to run the company. the basics are cutting 800 jobs from the 3000 jobs, cut in february. raising prices again on the bike class, you turn from a price cut in april. our real shift to outsourcing third parties. customer support jobs will get cut. when unique customer support, they will outsource that to a third party. when i had mine delivered, the nice chap turned up and installed it. all that is gone. they will complete the outsource the delivery and installment of the bikes to third parties they were working with. cost-cutting, belt tightening and looking at the operating costs for the company. jon: continuing some things we were seeing signs of. it's been a busy week. we have talked about pricing and disney p

ed ludlow is here with all the details. ed: certainly the center of my concern -- micron the latest chipmaker to give a signal of rapidly falling demand. stocks down 4.6%, the biggest drop since june. wider ramifications of the equity markets. pulling down the nasdaq 100, micron down 3.7%. look at the philadelphia semiconductor index and nasdaq 100 side-by-side. coming off our june and july lows, things have really changed. nvidia, micron, intel all adding to the same picture -- demand for the devices these chips are going into has dropped off and now the key inflation trend, the u.s. cpi for july, we are starting to talk about recession fears which has clearly spooked the market this tuesday. earnings season does continue in earnest. second quarter sales missing estimates, a big drop in assets on the platform but signs that user base is sitting on the sideline and still engaged. emily: ed ludlow, thank you. we want to stick with coinbase and bring in sonali basak. i miss on revenue, a miss on earnings, they narrowed their u

emily: ed ludlow, thank you. that does it for this edition of " bloomberg technology." ave the ceo of posh mark. ed will be filling in for me. don't forget to check out our podcast forever you get your podcasts. i'm emily chang in san francisco. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation furnished by rare

ed ludlow is here with the after our numbers from pinterest. : i see you rubbing your eyes, do not adjust your tv set. pinterest is up 20% in after-hours. a modest beat on users in the quarter, a modest beat on the top line, and they are forecasting low to mid single digit growth in the current quarter, which is not where we were expecting given the pain of the likes of snap and meta. the big piece of news is confirmation. it's now the single biggest shareholder in pinterest. what seems to be pushing the stock higher in after-hours is the idea that elliott is bullish on this company. they see them as a significant potential for growth play, and that seems to be a big and tripping factor, pushing shares higher. it was a pretty muted start to the week on monday. the nasdaq 100 basically flat, down slightly. it rose in each of the last three sessions. significant pullback in yields that continues, u.s. treasury yield down to below 2.6%. bitcoin is also pulling back. it trades 24/7 and over the weekend we saw declines back towards $23,000 u.s. per t

ed ludlow helped rake the story. what do we know about this decision? ces say they work considering siding there next plant in the united states. there were agreeing incentives and they were choosing their preferred site. given the geopolitical tension between the united states and china, due to speaker pelosi's visit, they should push it back to september or october. emily: so they are not saying it's not going to happen, just the announcement. ed: there is a commitment to do this. they are a big supplier to tesla. they have an agreement to supply for the future. ford and tesla were key to those talks but it is too hot right now. they are trying to think about potential incentives from the federal government in the united states. they just don't want to get caught up in this. emily: how strategically important is this company to tesla or ford? ed: the reality is they are a chinese company. it's the crown jewel in china's ev industry. it's the biggest maker of ev battery cells. but the whole issue is there's not enough supply. we need more battery cells,

i want to bring in ed ludlow, bad news from walmart after the bell. ed: earnings were good when i first came in, looking at the screen now, a lot of red. strong quarters, strong outlooks, back to pre-pandemic levels, the stock down 4% though , something spooking investors. saying they will only build between 6000 and 7000 vehicles, we started this year at 20,000 vehicles with supply chains for the ev maker, half of a strong quarter with a strong outlooks showing a strong strategy of higher rent for collectibles is paying off. breaking news the market close, walmart laying off hundreds of corporate jobs but what's interesting is this idea that they invest e-commerce, something i reported a while ago, serving he curled -- e-commerce and curbside pickup. the nasdaq 100 having its best day since may 4, hence my official star wars tie. strong performance in the semi conductor sector with little fluctuation in yields. four basis points. it's been a weird week and a weird time in recent weeks. looking at the nasdaq 100 and how it has traded over the last 10 d

ed ludlow with the biggest moves. good news. ed: 8.5% gain in the month of july. decelerating inflation. cooler than expected inflation. mastech up 2.9%--nasdaq up 2.9%. worth noting that the technology and information and communication sectors on the s&p 500 were the best-performing. stocks of 4%, having dropped the most in june, on tuesday. bitcoin trading --$24,000. elon musk selling $6.9 billion of tesla stock. what you tweete -- what he tweeted after the regulatory filings wednesday night was he wanted to make sure he had the capital in the event that a judge in october when the deal between twitter and musk goes to trial, were two and four study of the cash on hand, taking into account the financing partners he had lined up to help him buy twitter if he is made to buy it. worth noting we are in a risk-on day where tech was up more broadly. the breaking news is disney. so fascinating, because it is a mixed basket of results when it comes to the financials. up around 6% in after hours. the company adding more subscription to disney+ in the quarter than expecte

ed ludlow here with the big moves. >> uscp i, a .5% gain in july there. the estimate was 8.7%. decelerating inflation. cooler than expected inflation. outperforming the s&p 500. the broader index. it is worth noting the technology and information and communication sectors on the s&p 500 were among the best-performing. they have dropped by the most since june. on tuesday, a narrative around changing demand for electronics. they got the regulatory findings wednesday night. if the judge were to enforce it, he had the cash on hand. that seemed supportive for both. tech was up more broadly. the big breaking news aftermarket in earnings season is disney. so fascinating because it was kind of a mixed basket of results. the main takeaway, the company adding more. we got a .5% inflation in the month of july. you got disney raising prices. they are liking something. >> i want to dig into the disney results. a mixed bag, adding 14.5 million. the bulk of those came from india, others from other countries. >> i don't look at it as a mixed bag at all. it is blowout results. you are looking a

we can get to the man who knows about these, ed ludlow. not wanting to create undue stress on the share price. did that give us any inkling of where his mind is at on the twitter deal? ed: yeah. there has been a few things. his thinking, according to the tweet, to avoid the scenarios you outlined, one is that he did not want to fire with tesla stock in case the judge forces him to go through with the deal. and the second stipulation that he is hedging against the equity financing partners he lined up walking away. there is speculation in the market the timing is interesting. these regulatory filings show the stock was sold august 5 prior to the cpi print. maybe there is an element of preparation for market volatility. jon: i alluded to this earlier, but dana hull does excellent reporting for the team. put out a story looking at the big things tesla related that are on the agenda right now. clearly, as a major investor in the company and with much of his time still a tesla, some would say he is committed. there is a long list of to do's. ed

and bloomberg's ed ludlow here with the latest. we started the week with a whimper. ed: a lot of red on the screen. the s&p 500 the main gauge of equities down .1%. we have been higher as much as 1%. information technology, the biggest dragger, nasdaq town for the second straight section. semi conductors, you're right, poor earnings from nvidia dragging down the philadelphia semiconductor index. stop down 1.6%. interesting though, there are always bright spots, pockets of opportunities and the biotech index is up. a lot of m&a, which has been helping. we lost momentum, three straight weeks of gains, then to back to back down sessions. almost 1% higher from our june 16 low and we are all looking for that psychological breakthrough that this was the bottom. we are seeking confirmation. earnings so important and of course, later in the week, we get inflation data in the u.s. for the month of july, which will inform our thinking about the direction of travel and strength for the federal reserve's action when it comes to raising rates to combat high inflation. interesting

ed ludlow back with the movers. moved as you would expect them to. $274 billion of energy and climate spending. you look at names like tesla around 5%, closing up 8/10 of 5%. legacy names like gm and ford. it ends the manufacturing on the tax credit, which is something we expected. it had been negotiated and that scene is the tailwind for demand. there are price limits. anything over $55,000 for an easy car or sedan is not eligible and anything over $80,000 for a pickup or suv is not eligible. this is what we have been waiting for, the government to give this industry a bit of a push getting going. not done much for stocks so far. you look at the performance of tesla versus legacy names like gm and ordered your today. they are still under pressure and we are still seeing stiff declines. on this side of the screen, you see ford in particular closing the share gap on tesla in terms of year-to-date performance because they are ramping up activity and again, with governments, there is hope that they will see more. it wa

ed ludlow is also getting married, i bet he is using pinterest quite a bit. >> pinterest is interestingwe have seen deceleration in topline growth and a worsening. the big difference with pinterest is that they make less money per user than their peers. there is a gap in that. the topline growth, 8.5%. we want to know what the outlook is in the second half of the year. kriti: they are undergoing new management as well. >> a new ceo, a former google executive. he will give it to video and they want to see how that change in execution can help get this company back on track. i think that there is a lot of excitement on the street from that. elliott and management has taken a stake and they are holding talks with the management of pinterest. it will be interesting if that comes up as a question and what the end goal is. kriti: that is something we are watching. that has been in more insight and bring in alex, the founder of crossman plus, a digital ad creation platform that is partnered with google, meta, and talk. he buys some of the largest investments in the tech space. it walk us throu

ed ludlow covers electric cars and joins us now.a year where there has been so much focus on the white house on getting more access to oil around the world, this is a reminder of the longer-term story of renewable sources and certainly the electric vehicle market. ed: the white house did have a hand in getting this over the line, taking a year of negotiation and a lot of concessions from where we started on the bill. it is interesting you see the biggest points mover on the nasdaq 100 and the market in electric vehicles and many other names also higher pair the automakers got what they wanted, a tax credit for both used and new vehicles that they hope will be a demand boost for electric vehicles across not just higher earnings but lower middle income earners as well. caroline: are we expecting the more luxurious ones to be subsidized? ed: the gap is 55,000 u.s. dollars on cars and $80,000 for suv's. i just went on tesla's website and the base model rear wheel drive model three is just below that $55,000 mark. it is around $46,000. t

ed ludlow with everything on tesla. we are watching for major asian markets to open.will see if we see a reaction from alibaba's earnings, they were better. let's bring in annabelle. it was not too bad, given how bad we thought it could be for this tech giant. >> a low baseline is also helping the reaction here today, but you would have to say this push to cause corrective pain in dividends. taking a look at top line, we sought revenue coming in it $30.4 billion in the three months ending in june. it was the first ever decline on a quarterly basis, but we still saw a slight increase on expectations, a son of the impact china was rediscovered zero policies are having particularly on consumers. you also have looming fears on detect crackdown and the u.s. as added alibaba to a list of companies facing expulsion from exchanges. overall the result in revenue is being seen as a positive from the e-commerce position. the other we are watching is [indiscernible] and key strategies for alibaba because china does like the west and other nations in spending in this area. in term

let's bring in ed ludlow. it wasn't long ago that they did this, only two years ago. gnificant is this? ed: significant but not a surprise that the resolution was approved. we are up modestly. this stock split which is a 3-to-1 stock split brings it to $300 per share. it was first tweeted in march. when this meeting was confirmed and scheduled a month ago, we knew it was coming. a lot of people thought it was unlikely that it would not go through. the thing that's missing for investors watching this is we don't know more details about the date that it becomes effective. you're right, we have seen this before. there was 5-1 stock split in august 2020. tesla has a massive retail investor based. >> talking about intentionally adding a new factory. hitting new highs when it comes to production and output of cars. how rosy is the outlook? >> this is pretty vintage elon musk you are seeing on the screen. he is giving a bullish outlook. he is talking about how painful the road to profitability was. you saw the chart where you had the spiky column in 2020 when tesla got profit

ed ludlow is here with the latest numbers crossing after. ed: doordash and lyft, beating on the top and bottom lines and in the face of inflation, consumers are still getting take out and it's a good sign for a company like doordash. the company likes what it sees, paring their post-market gains around 22%. lyft with record profit, ridership up strongly. experiencing the same things huber did earlier in the week that the difference being that lyft has done comprehensive cost-cutting that appears to have paid off. you wonder about the broader economic ramifications it will have on the psychology of the market. frankly, thursday was a boring day. the nasdaq 100 was up, not really pulling in either direction. the yields have been all over the place for five days. the market is super focused on earnings right now and it is really interesting how zero in we are -- zeroed in we are. the nasdaq, coming higher into the bond market for the first time, a debut with $10 billion in notes, a really interesting move. apple made a similar move not for the f

ed ludlow joins us for more on this. what were they planning to do? what are they holding back on? was in the advanced state is to find a site in the u.s. or mexico to provide u.s. manufacturers of ev's. what sources tell us is they didn't want to get in the middle of this geopolitical tension between the united states and china. this is not them canceling the project, this is them delaying the project. they are basically saying stay out of the way. it is already a key supplier for tesla. there are a lot of makers who want to see them come to the u.s. or north america to localize the supply of cells because there is not enough supply of battery cells to go around too much the ambitions of all of the countries who want -- companies who want to build ev's. heidi: where do we see an ability to be able to break the situation and given as you say, the supply and demand situation requires a different outlook? >> the sources underscore that this is still the plan. catl is eyeing a $5 billion investment in more than one site. there are a lot of pros and cons to choosing a site in the u.s.

for more on that, let's bring in ed ludlow. want to get to the booking story in a minute.the biggest movers on the day, airbnb was over 2%, over 4% in the session. what gives? >> expectations were very high. they think bookings growth will be around 25%, which is fantastic. but it was similar to what we got this and let -- second quarter. it is interesting because there are two schools of thought. many think that 2022 was an interesting year because airbnb set records and surpassed what we saw. but at the same time, you have rising case counts with covid in various parts of the world and there is also the macro headwinds that we are looking for. there is a question about demand and as it relates, it is not just a slowdown from consumers feeling inflation but about the growth narrative. will they grow at this dramatic rate when the world normalizes to pre-pandemic levels? >> i'm so glad you brought that up because as we checked in with you during earnings season and during the story of paypal, there are juggernauts that have struggled but so many of them are still suited to

ed ludlow is joining us now. what is the macro signal that we are getting from micron?it broader than we had hoped. it is blow-by-blow revealed. nvidia talks about slowing demand or the chips that go into the pc. they go into a much broader range of products, including data centers as well. that is the concern about how quickly it dropped. >> the supply flies still cyclical? >> historically, it is boom and bust. there would be a reaction. a big ramp-up in production in the long-term but there is still evidence from the automakers that there are specific types of chips in short supply, but those have very specific applications. translating the press of a button into a signal in your car. there are pockets within the chip sector. but we have quickly changed the narrative. they are now returning to the narrative that we are in a boom and bust cycle. >> this is an industry that is about management. a lot of people have been hoarding inventory. is this a natural unwind, back to natural levels? >> yes. there were signs in the previous quarters that there were inventory buildu

. ♪ ed: i am ed ludlow in san francisco come in for emily chang.h the s&p 500 and nasdaq 100 posting the longest streak of weekly gains since november. but earnings have shown a mixed outlook for the rest of the year. is the tech rally going to last? will home depot target lowe's? next week is big for earnings reports. new data suggest we are turning a corner when it comes to e-commerce. and competition for electric semitrucks heating up after the senate passes and initiative to boost the transition to clean energy right now, pretty much tesla versus nica, but tax incentives could bring in more players. first, the federal bureau of investigation seized classified records marked top-secret from former president donald trump's mar-a-lago home, according to a copy of the warrant seen by bloomberg. our managing editor for bloomberg news in washington, wendy, thanks for joining us. let's stick to the basics. what did we learn from the unsealed documents? wendy: not as much as one would hope. we did learn they got about two zone did -- about two dozen bo

ed ludlow joins us from san francisco. walk us to the numbers. which one should we be focusing on? is hard to say. the stock bounced around. we are of 3% now, the highest level since april. the street takes a positive view on the idea that rivian is operating in a really difficult environment. this was the first meaningful quarter of revenue for this company. they did beat on the top line. the thing is they are very transparent about the reality. materials inflation, raw materials inflation, and they will have a much bigger than expected loss this year. i think the part goes -- cap x part is understated. they are in the process of doing layoffs. we are happy with the transparency and also there be a find guidance for 25,000 vehicles delivered this year. alix: what is the level of confidence they can deliver their production targets? the supply constraints in the ev market, it does not feel like it will solve itself anytime soon. ed:r's issue --rivian's issues -- it's a fascinating case study. they have $15.5 billion on their balance sheet. it's a relative minnow. when you are negot

haidi: bloomberg's ed ludlow there with more on apple.omberg. ♪ shery: you are one "daybreak: asia."

. >> he reminds me, the last time i saw you on bloomberg, we were talking about ed ludlow out of arkansasd you said to him, we have an inventory problem, walmart and target had just been out with numbers that were concerning in terms of the buildup of product and you said deflation is more of a concern than inflation. do you still think that after the big print we have seen and we are still expecting a .7% headline the pi on wednesday -- 8.7% headline cpi wednesday. cathie: i still think that because evidence is piling up. the cpi and to some measure, ppi, both are lagging indicators. the fed is driving policy off of lagging indicators. if i look at the commodity with the phd, it had been trading for year in the four dollars to five dollars per pound range, and it is down to $3.50. if you look at how that's going to feed into the indexes, it will feed in for sure, but month after month, copper is down and year after year down 20%. if you look at the real inflation gauge, it is gold. gold prices peaked in august 2020, 2 years ago. we have been at a trading range, the low end of the trading

ed joins us now along with his former gloucester rugby team—mate lewis ludlow, who cycled alongside himsomething. some of sam is still in the cotswold _ sam said something. some of sam is still in the cotswold hills _ still in the cotswold hills somewhere, we aren't sure where. this was— somewhere, we aren't sure where. this was hugely ambitious, this project, you just decided to do it, you didn't spend very long thinking about it. lewis is now laughing! 36 about it. lewis is now laughing! 7515 days from start to finish of prep, and it started off as a bit of a joke. in the team room. we were going to finish at twickenham to start with which would have been a great idea. and then fraser said, not sure it's long enough to be a proper challenge and that was it. so that really was a proper challenge, then. ., ~' , ., that really was a proper challenge, then. . ,, i. that really was a proper challenge, then. . ~' i., . then. yeah, like you say, we gave ourselves — then. yeah, like you say, we gave ourselves not _ then. yeah, like you say, we gave ourselves not much _ then. yeah, like you sa