kriti: ed ludlow has the details and amazon does a lot of things.zon web service and where of these layoffs coming from --are these layoffs coming from? >> the layoffs could follow the devices this is closely. this is where they are focus on the echo smart speakers and the alexa for system and we understand that the retail business and hr departments are also vulnerable but as the chart shows, the proposed layoff of 10,000 employees is less than a percent of total staff. when you put is -- it side-by-side with other layoffs, it is not the severity we have seen. john: i did reporting with -- on bloomberg's plans, highlighted that speaking to an employee, they feel like it is the fastest because cutting -- -- and -- cost-cutting cost-cutting in a long time. can we tie anything back to the new ceo? >> these are the deepest cuts that amazon has experience in this industry --history. the context is they want at the size at this time and in the first two years of the pandemic period, and amazon hired almost a million people. the difference is the input co

ed ludlow is back, ludlow nla has a nice ring to it. ed: if only equity markets were exciting.s and not much going on because we are following on from the thanksgiving holiday. the s&p 500 is down .4%. tech is a big story and in -- in individual movers but the dollar edges higher along with crude. look at some of those names, apple software given the reported -- the given the report that production could be hit during the protest. a report that the ftc will take action with regards to microsoft's acquisition of the videogame maker. and probably tech weakness but one session a market does not make so let us think about the direction of travel. we see yields edging higher in the last 24 hours or during friday's session, but there has been momentum into equities, if you extrapolate out over a couple of weeks. there is also momentum with regards to the tech sector. with regards, we are worrying about the story in china and along with the outlook for higher rates. guy: ludlow in l.a., very nice. volume down by 40% on the s&p. a short session and a lot of people are still on holiday.

ed ludlow in phoenix. what do these results tell us about what comes next?sidential race in 2024. bloomberg washington correspondent annmarie hordern joins us now. this looks like it was a tough night for donald trump, a better night for joe biden, desantis the clear victor coming out of these midterms. where does it take us as we head towards 2024? >> desantis, a major win for him. the margin he was able to win florida and were talking about democratic strongholds like miami-dade county. this is where joe biden was winning this county by 85,000 votes, the santos -- desanti won with a huge margin. in those they were saying two more years. it's a for more -- it's a four year tube and its oreo candidacy to run. they're saying we want you to be the nominee for 2024. and this is definitely a loss for the former president trump who yesterday in the wall street journal, the quote was he was saying desantis can run if he wants but he has information that he could leak. clearly starting to get under his skin. this was a good night for the white house and for preside

we want to bring in ed ludlow, who has been tracking some of the growing tensions between musk and applewhat can we say that we know at this point about this relationship? ed: we know apple shares were pushed to a session low, 2.4% after the headline across the bloomberg terminal. elon musk has been tweeting about apple for most of the last two hours. he stated that apple has mostly stopped advertising on twitter paired he then asks the question, do they hate free speech in america? that is elon musk's tweet. he later followed up with a pole, in which he asked his twitter audience, should apple publish all censorship actions it has taken that affect its customers? really, musk is having -- clearly, musk is having some kind of worry about apple and their view on free speech. that is his view. it is interesting to see the stock under pressure after that headline. kriti: set the stage for us. apple was down pretty significantly even before this headline as well. walk us through the china impact that seems to be reverberating drought all the markets. ed: there's ongoing production in china f

ed ludlow is look -- is here with a look at tesla. viously, can't ignore this if you are a tesla investor. ed: you cannot. the stock is down almost 50% on a 12 month basis. it is at a 17 month new 52-week low, down 5% during monday's session, worst performer on the nasdaq 100. clearly there is a twitter overhang. i think one of the numbers that jumps out at me is that tesla shares are down more than 12% since october 27 when musk closed the deal to buy twitter. in that time the s&p 500 is basically flat, and there is a lot of discussion in the market about what is going on here. a big part of it, as you come with me to the bloomberg terminal, it seems to be key man risk that as we know from twitter, anyone who has paid any attention to the platform in the last 24 hours for the last few months, elon musk a sweeting very regularly, he is focused, based on the reporting that we have done. and there is concern from tesla shareholders who have voiced concern on the platform that he is distracted being away from tesla. there is less of a con

bloomberg's ed ludlow is here with the big moves. ed: you look at the performance after hours, down more than 12%. it's interesting,lyft beat estimates but ridership growth. the company added 20.3 million active people in the third quarter. the estimate was 21.1 million. how different a story -- story is that for lift -- lyft considering uber grew by 22% and had outperformance. lyft giving us a worrying picture down 13% and after hours. it was a slow moving day to be honest and financial markets. the nasdaq 100 up for a second straight day, only the second two-day gain for 10 sessions. but there was outperformance as semiconductors, at a time where yields continue to push high. look at u.s. ten-year treasury at 4.2%. and also bitcoin, i posed this question on twitter. if you have a good answer to this, at me. bitcoin trading in this narrow range for much of the last two weeks between 20000 and 21,000 u.s. dollars per token. why, we've seen so much in the news flow much in the fed earnings season, a lot of nervousness across financial

first, stocks are bouncing back i want to bring in ed ludlow. tech company earnings reports. ed: let's get to earnings. the stock is down as we are speaking. disappointing outlook. revenue of $1.8 billion. below street expectations, but the language miss projections, this is that time competitors are seeing contractions and this would represent growth, seeing topline growth of 45% for the server business year on year in the third quarter which offset weakness in the pc market. another case of good economic data, bad news for the market. the nasdaq 100 is down 1%, tech underperforming. the strength in semiconductors. one bright spot was uber. having its best day since the first week of august. third quarter sales are jumping. the real strength here. some fighting talk from uber. the company is not worried about consumer demand. emily: ed ludlow, we will talk to him about that. thank you for more on uber. let's bring in the man himself. the uber ceo, great to have you with us as always. guest: the big trend we are seeing is the consumer spending but you are seeing a shift from r

caroline: this is "bloomberg technology," ed ludlow there in san francisco. be discussing how geopolitics is front and center. the g20 is upon us. it appears the u.s. and china relationship is kind of warming up. ed: the on camera relationship might be different. look at the technology sector. it was the u.s. listed china adrs that did better, outperformed. on camera, there is a warming of relationships. we were super focused on semiconductors, a lot of policy action is focused on curbing technology exports, chip exports. that is on camera. off-camera we had a blunt statement from the chinese ministry referring to existing u.s. policy the starting a trade or technology war is not what china wants to be doing. not being in the best interests of the economy. even though we had a public show of affection between the two nations, there is concern about what the u.s. is doing to curb exports to china. the tech sector has been hit. it's a clear global laggard. it lacks behind tech stocks not just in the united states putting in europe as well. november has been bett

i want to bring in ed ludlow for a look at the markets. ed: let's get right to earnings and airbnb. the debt -- the stock down 6%. it was about a disappointing outlook for the final three months of this year. below street expectations, but the language, the pace of knights and experiences looked will moderate slightly into the fourth quarter. a&e missed on the fourth quarter , below street expectations but the broader context -- this is a time when their competitors are seeing contractions. also topline growth for its server business which offset weakness in pc markets. in the main section, throughout tuesday, it was another case of good economic data, bad news for the market. reinforcing this idea the fed will stay aggressive. you see weakness in the nasdaq 100 and tech underperforming but strength in semiconductors with the yield not moving as much as we have seen in previous session and bitcoin trading sideways. one of the bright spots was uber , having its best day since the first week of august. it's now trading at its highest level in six weeks. a beat on the top line, coming

ed ludlow is in san francisco. musk pulling out another rabbit in the hat in terms of the twitter saga. what is he doing now? ed: everything he talked about has been so focused on the company, but what about the platform? he tweets on wednesday, the day before thanksgiving, that activists that he appears to have had an agreement with have reneged on that deal, which was part of his reasoning for forming a moderation council. go back a few weeks. he talks about this moderation council being a wide and diverse range of forces that would make content moderation and policy decisions. the reason i bring that up is key things have happened in recent days. you think about the actions that have been taken. he said he would not reinstate president trump's twitter account without being informed by his moderation council. november 18, he tweets the poll. the majority of respondents vote in favor of reinstating trump, so on the 19th he does -- the 19th he does reinstate trump, though trump says he's sticking with truth social.

ed: im ed ludlow. this is bloomberg technology. roline: we are awaiting sentencing and the elizabeth holmes case. punishment for her role in the collapse of theranos. one of the biggest scandals in silicon valley history. ed: twitter's workforce shrinks. more employees resigning than anticipated. caroline: will ftx ever recoup their losses. we have the ceo of do not pay, a company backed by ftx. but first, markets. if you are looking at the nasdaq, we are completely flat on the day. overall it was slightly better mood music for the equity markets. we are expecting a flood of volatility that did not come. pushing higher by .5% on the s&p 500. the volatility was in the bonds markets. this is more about a focus on the fed and hawkish tones coming from the federal reserve. flip it on again. over the course of the week, with all the tech layoffs and worrying earnings signs. the nasdaq was only off by 1.5%. in large part, we thanked chinese names. ed: an interesting week. the friday before thanksgiving has got to play a role. earnings are

ed ludlow is here. this comes as donald trump is now allowed back on twitter. n't go to black over the weekend, it is still operational. ed: yes, he conducted a twitter poll. 15 million voted. and that outcome was the majority voted in favor, 50 2%, of reinstating donald trump. musk using the latin for the voice of people is the voice of god. and over the weekend donald trump actually said he has no interest in returning to twitter, he will focus on truth social. the link between the news, the expectation today is that advertising is under pressure. and plea expect a lot of the roles that will be cut being in sales partnership teams. guy: the head of twitter france said it is over. is it? ed: it is really interesting. the initial round of layoffs, 50% of the workforce, happened about three weeks ago. it largely hit technical and engineering roles. we are hearing there is zero concern that the company will struggle operationally to literally keep the lights on on the platform. you saw twitter trending over the last five days, as well as rip twitter. but musk has

ed: and i'm ed ludlow in san francisco. this is "bloomberg technology." caroline: sam bankman-fried is taking questions in the wake of the ftx contagion. we will bring you the headlines as we get them. ed: and the tragedies of tiktok. bloomberg's big take investigates how trending challenges on the platform are turning out to be deadly for some children. we discuss why the world's most popular app is not doing more to protect them. caroline: meanwhile, the ceos of earn your leisure are set to explain why their platform is selling out venues from msg to the royal albert hall. first, let's check on on these markets. what a day for tech stocks. we are having our highest rate on the s&p 500 since september 9, up for the biggest day since november 10, which shows how volatile markets continue to be. the nasdaq 100 getting up a lofty 4.5%. chip stocks up more than 5.8%. the reason why, a more dovish interpretation of one fed chair powell. he was talking about the direction, the piece of rate hikes. it looks as though that pace might quieten a bit. the market is

let's bring in ed ludlow to walk us through the day. : a pretty furious part of the earnings season we are going through. smaller companies, block, formerly known as square, an impressive quarter from them. this is jack dorsey's other company. 10.5% after hours, a strong performance on the bottom line, gross profit coming in above the street expectations, cash app, which is what block users use to purchase money or stocks and crypto, registering strong growth on the bottom line. doordash, up 13%. not the story that we were expecting. no signs that inflation is the tearing the consumer from -- deterring the consumer from spending money on take out. i don't know about you, i haven't been doing much, i would love to, but also the coinbase is up with paypal lagging, down 7% in after-hours trading. revenue during the quarter did gain 12%, which is slightly ahead of what the street was looking to, but it is the full year outlook they zeroed in on. revenue will be at $27.5 billion below what they expected away from earnings season. the markets

higher cost rentals for more, let's bring back ed ludlow from san francisco. ked good and it beat expectations. q4 looks like a problem so walk me through why the market is reacting like this? ed: airbnb is still set up to be a pandemic success. there's a reliance on long-term rentals and the data shows us the user base for airbnb is moving away from long-term higher value stays. take my word for it but lake tahoe in california were many people work from home decamp from cities like san francisco paid a high rate to live bike -- by a lake for many months, that is now ending step you look across the street to reaction this wednesday and you have to remember this is a company trading at around 40 times forward earnings and given long-term stays, it's hard to justify the premium on competitions that rely on single night stays. alix: i can assume with more competitive when you're trying to get vacation bookings versus a long-term rental booking. what should the company be worth? 40 times is huge. ed: it's a hefty premium in the counterargument is the technology sid

let's bring in ed ludlow from san francisco. one of the top stories is musk taking on apple. what is the logic behind this? ed: there are several grievances musk outlined with apple on twitter unsurprisingly in the last one he for hours. the first is the revelation from musk that adds by apple have been pared back. if you going to twitter right now, apple's account has more than 8 million followers and follows zero people. but you will see its timeline is completely blank. twitter has always been a mechanism for apple that it advertises on. it pays to have ads placed in the timeline. it does not tweet of its own volition. what we are hearing from sources is that indeed, it has pared back. it is interesting, because apple was spending more than $100 million per year placing ads on the platform. for apple, it is a key mechanism. apple does not use facebook for ads, for example. that is the first grievance. the other one, the accusation leveled by musk at apple and ceo tim cook, is that apple hates free speech, which is an inference of inclusion musk has drawn faced on the idea t

doordash slashing its workforce, ed ludlow has the story. you have been all over this idea if this is a peeling back of the hiring we saw two years ago or a canary in the coal line -- coal mine. what did they tell you? >> they are cutting the workforce around 6%, or 1250 workers it according to sources of seen in a memo. they are acknowledging macro headwinds. this is a company coming out the pandemic continues to grow. they had good bookings and topline growth in the third quarter. look at what the ceo is talking about and they are worrying that the expenses related to the growth of the staff and the pandemic period will outgrowth revenue. operating expenses was 2 billion, the recent revenue was 1.7 billion. this is a comfy that has fared better in recent quarters. kriti: headlines out of better as well, -- out of meta as well, scaling back its new york offices, in a cost-cutting pivot. when will it scale to the rest of the sectors? guest: every day there is a new headline to a cut of expenses, this is a real estate where they are giving up

bring us now is ed ludlow from san francisco where we are awaiting the verdict at any moment. rough the states is what the prosecution will be seeking today. ed: the prosecution is seeking 15 years of imprisonment for elizabeth holmes. her defense team want the opposite. they are pushing for house arrest essentially up to a maximum of 18 months. really, what the sentence will come down to is the judge's interpretation of the harm done to investors. independent third parties have said that investors lost around 550 million dollars based on the wire and fraud charges that elizabeth holmes was found guilty on. they are weighing a number of factors. elizabeth holmes's side, she is the mother of a toddler and currently pregnant with her second child. typically judges would not take that into account by a number of people have written to the judge on her behalf to make the point there is an incident -- innocent party here. historically, judges have not taken that into account in a case like this. kriti: what is the timeline for when we hear about the sentence? ed: it is a sales pace

ed ludlow is back. ed: it was a pocket of weakness when it came to social media shares.a closed the lowest level since 2015. down to 7000 incidences of people saying that if graham had crashed and it was down. it would suspect that they pressure on the stock comes from the disappointing numbers. pinterest had its best day in more than two months last friday after a strong earnings. it has a street like what they saw, getting up some of those gains in the monday session. pinterest really interesting. look at the stock year to date relative to meta and snap. actually, relative to its peers, pinterest has held up really well. i'm interested in what the story is here and what investors see in pinterest relative to meta. that said, it is still down pretty significantly year to date. i'm hoping you can ask which direction the stock goes from here. emily: i will indeed. thank you. pinterest has been outpacing his peers, posting third quarter results and an uptick in monthly users after three quarters of decline. a decrease in digital ad spend while marketers worry about economi

. >> i am ed ludlow's. this is bloomberg technology. >> the genesis is the latest concern in a worldwide crypto liquidity crunch. more on how the fall of ftx will reshape crypto as we know it. >> tiktok's project texas. that is the plan to isolate u.s. data. >> and an exclusive conversation for you about telehealth. the ceo of cerebral has come under scrutiny for -- and that a serious conversation to be had. we will check in on these markets. >> we have an idea that inflation is picking the next day. we are followed by good as being bad news in the markets. they are worried about the federal reserve. a number coming in terms of their focus. we have these rates expected to rise. let's flip it up there. right here, we think about chip stocks and the earnings you will digest. they were down more than 4% on the day. this is about the amount of demand. >> demand had not dropped off a cliff. this is really boosting cisco. video as well beating expectations. it's actually datacenter in the third quarter has taken

trading with the action and thus far, ed ludlow. 0 is basically flat with energy being an outperformer as a sector. tech we have seen weakness from apple which is declining on reports that production has been hit by the disruption from protests and part of the story being that yields continued to creep higher. but again thin volumes through this shortened post-thanksgiving session and the s&p 500 flat as a pancake. guy: great stuff. thank you very much indeed, enjoy the rest of the weekend. let us talk about what kicks off next week. lots of central bank b. neil fed president taking -- talking about new york. we have christian lagarde. tuesday, cpi out of germany and spain and earnings out of easyjet and salesforce. native 4 -- nato foreign ministers meeting wednesday. you have -- they are meeting tuesday. wednesday, jay powell speaking at the brookings institute and the beige book and cpi data out of the euro zone and that is the big number out of europe next week and we have president biden meeting president micron later on plus th

let's check the markets first with ed ludlow. believe you will be seeing more of in the coming days. ed: an astonishing day, historic day in financial markets, particular the technology sector . this was the biggest post-cpi reaction for stock markets record going back to 2000 three, when we have the data. nasdaq one hundred up seven point 5%, the biggest jump since march 2020. the philadelphia semiconductor index having its biggest jump since april 2020. that pullback in yields below 4% on the u.s. 10 year treasury yield notable. megacaps part of the story. you see the chart how low we went on bitcoin, towards 15,000 per token, given what is happening with ftx, a slight rebound to above $17,000 per token and bitcoin thursday. megacaps, those were driving the market. amazon having the best day since february. how interesting is it to see inflation pullback. 7.1%, headline inflation, the slowest since january. apple, good day. tesla, rebounding. amd up 15%. emily: alright. i will get back to you later. more details on the crypto be

ed ludlow joins us now. is this deliberate for elon musk? g to his guns in the sense that he believes twitter was too bloated. he's talked about the company burning through $4 million per day. he gave this ultimatum as you say. many staff called his bluff and said we will leave the company. we aren't sharing in your vision. we understand he softened his position a little bit overnight thursday and sent a memo saying that working remotely is still possible if an individual's manager says that they are doing exceptional work. remember he had completely scrapped the standing remote work policy. the question is how many engineers can twitter's platform run off of? my understanding is that many have left. there are many incidences of bugs and crashes on the twitter platform, but it still there. alix: it feels like a joke, how many engineers does it take to keep the lights on? >> the ldap system, an internal system that tracks how many staff there are shows that there were still 3700 employees. that was the number we believe remained after the layo

ed ludlow is with me in san francisco. a giant story today. ed: i'm looking at alibaba.ck is up almost 8%, but it posted a surprising loss. it is all about covid zero policy which is impacting consumer demand in china. also about disruptions to supply chain. the stock is trading at its highest level in six weeks. we're zeroing in on the retail space in e-commerce. also other opportunities for alibaba. speaking with retail, macy's is really interesting. the biggest jump since may. strong performance. for me there are two sides to the story. the e-commerce side of the business back toward pre-pandemic 2019 levels, but you look at the role that technology played. at this is a smart company and so many different names are very -- faring so differently. caroline: it got an upgrade from s&p. we had an exclusive conversation about digital strategy heading into the holiday. >> back in 2019, our digital channel business was -- 33% versus the pre-pandemic of 25%. still very robust growth. even though our business was down to 21 it was up 35% to 2019. i think this evolution of the

ed ludlow, we always love having you on the show.ix: the ftx bankruptcy hearing will be starting in six minutes. annmarie hordern, what are you looking for? >> about 100 companies worldwide. there are all players as well involved in this case. a number of global roles. we will see what happens as this case unravels. how it is unique to the financial service industry given we have seen large-scale complex situations before as it comes to financial bankruptcy. we have never seen one of the scale when it comes to more than a million customers being affected. billions of dollars at stake for the first 50 predators alone. when you look at the top 10 predators, more than 50 million alone. one thing i would say is both other companies as well as creditors are looking at this case and saying let's look at the assets, what can be recouped? can things be made whole again for certain investors? when people look at the other companies involved they are saying, am i losing everything or am i getting $.60 on the dollar or $.50 on the dollar? that

ed ludlow broke the story. whatever hearing?e saying that is the plan, the layoff list will be shared on friday. we reported over the weekend that managers across product teams had been asked to drop a list of headcounts to be reduced by 50%, and musk is making his mark on this company. haidi: is this an indication that clearly elon musk was pressure to do this deal? he feels like he has overpaid for it and given the market volatility. one of the measures of receiving -- what other measures are we seeing? >> elon musk is not wasting time . the new version of twitter could rollout is in is on monday, and with the eight dollars a month you get verification, together idea is that -- but the other idea is musk is giving blue users the preference. we are also hearing the edit button exclusive to twitter blue subscribers could be rolled out for everyone. i am currently a twitter user, i am not a twitter blue user. what we are hearing is elon musk and the team he is gathered could have that rollout as soon as next week. haidi: never a

ed ludlow is with me in san francisco. let's get a china take. a giant story today. giant soaring today. ed: i'm looking at alibaba. the stock is up almost 8%, but it posted a surprising loss. the loss it posted was the same dollar amount, list thought it would record in profits. it is all about covid zero policy which is impacting consumer demand in china. also about disruptions to the supply chain. the stock is trading at its highest level in six weeks. i thought that was really interesting. we're zeroing in on the retail space in e-commerce. also other opportunities for alibaba. speaking of retail, macy's is really interesting. the biggest jump since may. the stock trading at its highest level since june. strong performance. for me there are two sides to the story. the e-commerce side of the business back toward pre-pandemic 2019 levels, but you look at the role that technology played. in how they manage inventories. this is a smart company and so many different names are faring so differently. this is one to watch as we head into the holiday season. think about th

ed: and i am ed ludlow. caroline: the ftx followed grows. genesis is the latest concern in a crypto liquidity crunch. more on how the fall of ftx will reshape crypto as we know it. ed: plus, tiktok's project texas, to isolate user data in a project with oracle that the ceo says is expensive and unprecedented. caroline: and an exclusive conversation about telehealth with the ceo of cerebral, which has come under scrutiny for patients with a history of substance abuse. it was a down day. the volatility is going to be prevalent in the macro arena. we had the ppi, the idea that inflation is peaking. the next day, we are followed by good news being bad news for the markets -- the retail sales looking too strong for the market to digest. they are worried about the federal reserve and the number coming in terms of their focus on hikes that still have to come. we hear it from john williams at the new york fed. the s&p 500 falling on the day. the nasdaq is up as we expect rates to rise. that has a big impact. bitcoin -- 16,500 is about were betrayed,

get to that in a moment, the stocks selling off the most in a fed day since january of last year, ed ludlow with the latest, not changing strategy anytime soon. >> not chaining strategy anytime soon in the earnings season hitting us over the head with the same theme. the fiscal first quarter down 5% after hours, they're talking about a major slowdown, double-digit decline in full your calendar 22 for smart phone handsets. economic headwinds and china impacting supply, robinhood posting a quarter beating estimates, ebay up almost a percent -- 8 percent. a ship to what the ebay is doing at the luxury end of the market, the market is up 0.1%, a really interesting that day. the market having its worst post fed close since january 2021 , almost two years ago down 2.5%, tech the underperformer, names like apple and tesla the biggest points drag on the nasdaq 100. the message from jay powell for the clear, premature to think that rate hikes would and anytime soon. they raise rates by 75 basis points bring us to 3.75. higher rates discount the value of future profits. quick mention of airbnb, airbn

ed ludlow to walk us through the week that was. >> we made it, as the main point, happy friday, that is probably top of mind for most investors. it was a right finish for what was a terrible week for technology stock, nasdaq up 1.56%, the u.s. listed shares of chinese listed technology companies, the xo x up -- sox up 4.6 percent, the golden dragon up with its best daily performance since march. the yields are higher, a lot of nervousness. second-worst week for the nasdaq 100 this year going back to january and we saw that precipitous decline in technology chairs as we saw this new year. we know about the conversation about higher rates the take away from the fed meeting is that the higher rates are here to stay. they are not being pulled back anytime soon. we are now more convinced we are headed for a global slowdown. the r word, recession grips us, and given what's we have heard in the earnings seasons, we are worried. embrace me to the movers of the day, not much just -- it brings me to the movers of the day, not much to say about twitter, look at tesla, down 3.6 4%, worst perform

let's get a check of the markets first with bloomberg's ed ludlow who you will be seeing more of in theoming days. ed: an astonishing day, historic day in financial markets, particularly for the technology sector. this was the biggest post-cpi reaction for u.s. stock markets on record going back to 2000 3 when we first started the data. nasdaq is up 7.5%, the biggest jump since march 2020. the philadelphia semiconductor index having its biggest jump since april 2020. that pullback in yields below 4% on the u.s. 10-year treasury yield notable. megacaps part of the story. it is great to have some positivity in markets on this special day for you. bitcoin is also interesting. we will get into the volatility on those cryptocurrency markets. you see the chart how low we went on bitcoin, towards $15,000 per token, given what is happening with ftx. there was a slight rebound to above $17,000 per token and bitcoin thursday. the mega caps are a big part of this story, all of the names over the past 12 years, those were driving the market. amazon having the best day since february. how interestin

we are joined by ed ludlow. we just saw a lot of people tired -- fired. lematic this is this going to be? ed: we reported that elon musk would do this. it is completely opposite of twitters culture. march of this year seems so long ago. he introduced this remote work policy. they had a number of other policies that were classic policies to keep the employee happy. this is consistent with what he has at spacex where you come in and work in person. alix: i feel like wall street is doing this as well. amazon is up 11%. the ceo will be reviewing its staff. there is a cost cutting review. pair that with what we are learning from the earnings coming out. they are dealing with supply chain issues and then you have amazon reviewing its cost-cutting measures. ed: the dow jones report says they identified unprofitable businesses and how to cut because in telling staff to find jobs elsewhere which is an interesting line. if you look at the stock having its best day since february. rivian, cost discipline, and they said they reaffirmed guidance, stock is up by a lot a

bloomberg's ed ludlow.lk about the fact it's happening but it's clearly not happening fast enough. >> that was amazing. data is not good. guidance for the last three months of this year weaker. significantly weaker than the street was looking for. i think what's really worrying as we know the story, of the shift away from reliance on the hardware, the bikes and treadmills to content and subscriptions. but while services or subscription revenue grew, the number of overall subscribers dropped off and a lot of the sell side pushing on the street pointing to this weak outlook for growth at a time when they still let a quarter of inventory and costs are high. so they are not finished with the restructuring plan the growth narrative is seeming to spook them. >> how hard is their cash burn right now? >> hard and i think they can send -- concern from the street is how does that improve. talk to of the inventory being in place in the infrastructure not being finished but they've made painful decisions including movi

. >> second -- let's get more on this with ed ludlow joining us.h of it is demand versus supply? >> let's start with the demand side. instructing them to lower their product. there is an emphasis on the lockdown in china. it is basically hampering the demand curve. this, garrett told is a lowering of expectations because the base model has not gained as much traction with consumers as originally anticipated. equally on the supply side, the thing that simmers want are being restricted in their supply because of the lack down. a key region for assembly operations, going into the holiday order, it is disastrous for what apple is trying to achieve. >> is the product just not good enough? are we starting to see the impact of not? >> what we are seeing in the behavior of consumers is that they are favoring the higher models. the pro comes with the higher specification and more new features. iphone 14 base models differentiated very little from the previous generation of handset. it is interesting because it represents what we are seeing in the electronic

ed ludlow there in san francisco. i am caroline hyde in new york. to be discussing how geopolitics is front and center. the g20 is upon us. it appears the u.s. and china relationship is kind of warming up. ed: we are trying to read the markets because the un-, relationship might be a little different from what we are hearing from china and chinese officials. a little red on the board to start the week, but it was actually the u.s.-listed china adrs that did better, outperformed. looking at the golden dragon china index. on camera, there is a warming of relationships. going into this meeting, we were super focused on semiconductors, a lot of policy action is from the u.s. is focused on curbing technology experts, chip exports to china. now, off-camera, we actually got a blunt statement from the chinese ministry referring to existing u.s. policy that starting a trade war or technology war is not what china wants to be doing. not being in the best interests of the economy. even though we had a public show of affection between the two nations, there is

for what's going on in the world tech, we go to san francisco with ed ludlow. talk a little about why he is going. we have the house in the hands of the republicans and he has made a number of visits to talk to the republicans. is there a meeting of minds between these two sides? ed: this is standard playbook by apple, engagement at the center of d.c. he will meet with republican representative jim jordan, darrell issa of california, kathy rogers of washington and the meetings have been set. what they have in common is they are three big names that are likely to chair some of the top committees that will have oversight on tech when the gop takes control january 3. this is why apple has faced questions over antitrust and western's over data privacy but it's been the champion of protecting the consumer data privacy. it's an interesting move by tim cook but it's going back to a long-standing playbook. alix: it's the next iteration of what the regulation will look like. we will figure this out and thank you for joining us. coming up, the u.s. ascending ukraine addi

ed: and i am ed ludlow in san francisco. this is "bloomberg technology." caroline: uncertainties around china's covid curbs. what unrest means for apple and iphone production in the months ahead. ed: plus, sticking with apple, the tech giant is being called out by none other than elon musk. the putter chief tweeting its ceo tim cook asking if the company quote, hates free speech. caroline: and another one bites the dust. blockfi has filed for bankruptcy in the aftermath of ftx in the u.s. government is among one of the key creditors. we will explain. but first, let's check in on the market because today was a day once again of federal reserve macro picture impact inditex stocks. s&p 500 off by 1.5%. similar moves in terms of the nasdaq off by 1.6%. once again fed speak seems to irk the market. the leaders over at the new york fed jong williams, for jim bullard, both talking about the need for further rate hikes pre-rates go higher -- rate hikes. it has been trading lower versus the u.s. dollar. down about 2% on the day. today it resets and we are calling it

. >> i'm ed ludlow in san francisco. >> bob iger returns as disney deals with challenges internal andxternal. the biggest priority for the comeback king of content. : genesis morning of bankruptcy appeared the entire industry faces a liquidity crunch and we have learned to u.s. prosecutors opened a probe of ftx months before its collapse. caroline: we will break down how tech layoffs create a wave of issues for non-u.s. citizens that worked for silicon valley giants. check in on these markets. overall there was a little bit of risk aversion. volumes low paid we have a holiday shortened week ahead of thanksgiving celebrations in the u.s. the technology sector under some pressure. off of their lows for the day but stress as we see more people focusing on what the federal reserve will have to do now to curtail inflation. whether or not they will be hiking rates at a pace of 60 or 75 basis points. money moves up. crane shares csi china. i have been looking at the etf's that track the etf giants. they had been lower on the day. what is happening in terms of china, covid outbreaks, deaths.

. >> i'm ed ludlow in san francisco. this is "bloomberg technology."aroline: bob agre's return as disney ceo comes as the company deals with challenges internal and external. ahead, the biggest priority for the comeback king of content. ed: and genesis facing bankruptcy. the entire industry faces a liquidity crunch. and we have learned u.s. prosecutors opened a probe of ftx months before its collapse. caroline: we will break down how tech layoffs create a wave of issues for non-u.s. citizens that worked for silicon valley giants. but first, let's check in on the markets. let's go broader because overall, there was a bit of risk aversion in the market. volumes are low, we have a shortened week. the technology sector under some pressure. it is up of the day. nevertheless, stress as we see more people focusing on what the federal reserve will have to do to her tail information, whether they will hike rates at a pace of 50 or 75 basis points. many moves up. kraneshares in china. i have been looking at the etf's that track the etf giants. they had been lowe

ed ludlow is here, you do the reporting on the strikes and now we are hearing from lyft.tern across the board in the tech space which was ahead of the game in hiring. is this an early macro signal we should be paying attention to? ed: and happening very quickly. thursday was astonishing from a layoffs perspective. twitter is slightly anomalous in the sense that elon musk we are told is going to cut 50% of had cut -- headcount but that is a unique situation where he is coming in. brought painting is -- the broad picture is macro. -- by extension, weaker times in the payments processing business means fewer payments from consumers. we are trying to get there reaction and the battening down of the hatches from corporate america in anticipation of what is a slowdown in the broader economy. jon: i imagine, because we are talking about a mix of private and public companies, at the end of the day there are some subtle differences and certainly some more notable differences with twitter, but this might be the new norm i guess in silicon valley, the bigger focus on bottom-line per

starting with bloomberg technology it, looking forward to that and the acuity of ed ludlow on the sceneitter. instead of a question for me, what is a single item in the last when he four hours that has your attention on the musk saga? ed: that their finances are in a perilous situation. sources told me that musk told staff he does not know the run rates of the company. he said that the cash burn is around $4 million a day, and the change in the equation is that the advertisers have pulled the rug out from underneath him. there has been a drop in revenue and even though staff that he retained asked for a 50% layoffs, and many are now resigning. it is falling apart and i am understanding that the banks are getting nervous about the debt portion of his financing. tom: there is what i wanted to go to. who drives in early and i want to be respectful. there are rumors and speculation of bankruptcy, but that is not what we are reporting. you mentioned the banks. who controls the debate to mr. musk about that dead? ed: very quickly on bankruptcy, he said it was a possibility according to source