tom: elon musk certainly does have access to cutting-edge technology, no one is disputing that, but theres argument on the point of the extensional threat. i wrote about musk's remarks to the governors. when i spoke to other people who work on a.i., and spent more time on it than elon, there was a sense of disappointment because this idea that, you know, some point in the future, super intelligent machines will perhaps harm humanity, that is such a long way from where we are today. you know, today we have systems that can do one thing, you know, it is not generalized intelligence that can take on multiple tasks. and so, it is quite hard to actually have a proper debate about that because it's just so far in the future, it's very speculative. and if so, i spoke to researchers who not only work on a.i., but think about the impact on society and they saw elon musk's remarks as kind of missed opportunity. he had a few minutes in front of the most powerful leaders in the u.s. to talk about the technology, which is going to potentially transform every aspect of our lives and he chose to direct

this started after elon musk received verbal approval to create a line in washington, d.c. to new york. musk also promised san francisco to los angeles in 30 minutes and a texas loop at nearly the speed of sound. but that approval is not exactly firm. the trump white house responding, we believe our greatest solutions have often come from the ingenuity and drive of the private sector. but just last week, musk received approval from the city of hawthorne, california to build a two-mile test track beneath his rocket company spacex. pushing the limits, a pipe dream now in full force. >> transportation experts say a full-fledged hyperloop is still years away, but elon musk is forging ahead, announcing just last night that he is holding another competition next year. >>> prison time for people in kenya. the world's toughest law aimed at reducing plastic pollution took effect this morning. anyone who produces, sells or even uses a plastic bag faces up to four years behind bars or fines of up to $40,000. cloth bags will be offered as alternatives in some spots. kenya joins more tha

even elon musk admits it will be a hard task. frankly, we are going : to be in production hell. welcome, welcome, welcome to production hell. [laughter] where we are for at least six months, maybe longer, i look forward to goingg alongside you through hell, and if you are going through hell, keep going. emily: some say the model 3 could be as transformational as the iphone and it may well be the most daring feat yet for elon musk. will it be just another electric car, or a car that will change the future of all cars? days after that event the company reported record earnings, including a record quarterly cash burn rate. it almost doubled the $622 million it went through the first quarter, up to the lead up to the model 3 roll out. covering all things tesla as details of earnings emerged. >> it was a beat all across the board, they spent less. they said they were going to spend a lot but they spent less than investors had feared. they started installing the solar roof. model 3 investments are through the roof. they installed the s

coming up, what elon musk is selling. the stock is currently up by 1.5%.rom new york, this is bloomberg. ♪ >> let's bring in abigail doolittle with a deeper look at tesla. something that really stands out. his lips us. they did to the downside and a number of them are going the wrong way. kevin today and he said investors were looking for five dollars per share in 2017. of $26.ss investors are giving them that. >> earnings don't matter. what will matter? twice it is the future and the idea of targets. it is pretty ambiguous, they are talking about a 5k run rate that even if they do it in the last week, it is 700 vehicles this year. a great new function in the bloomberg gives us a chance to look at analyst models. that well-known analyst you had mentioned, scarlet, covering tesla. it is great stuff that shows vehicles in than the average price point and a lot of information. the numbers are pretty small. investors are hoping this leads to something bigger in the can buys into elon musk's his vision. >> tesla has raised capital a couple of times earlier this

on the company's earnings call, elon musk reassured investors that the company can keep up with demand>> what people should absolute i will have zero concern about, zero, is that tesla will achieve 10,000 unit production week by the end of next year >> joining us now on the cnbc news line is the partner and chief investment officer at tigris financial partners. just first off, your impressions of the conference call which we always get a lot of colorful highlights we shared a few there from elon musk >> it's always positive and upbeat the exciting thing for tesla is that the 3 has finally arrived they delivered their first ones on friday. production will ramp up and people will start getting the cars there's a huge pipeline of orders >> ivan, the stock is up 6.5%. it's up 50% over the course of the last -- year-to-date period. is there a reason to be as bullish about this stock and are you as bullish about these comments coming out of elon musk >> i am bullish about the comments we have a neutral rating on the stock because it's just very hard to value and very volatile stock. however

caroline: many brilliant minds, maybe elon musk's being one of them.u think we will see this become a reality? david: one of the reasons the reports of his revised interest makes sense is the companies that have done work have made more rapid progress than many of us would have expected. these companies were formed partly based on the enthusiasm musk generated which sounded extremely pie-in-the-sky several years ago when it first emerged. but i do think, like so many things in our era, amazing opportunities are arising more rapidly than anticipated. i think it could come quite soon in small places. it is not going to be new york to l.a. in two hours anytime soon. but i do think we might have boston to washington within 10 years or sydney to melbourne, which is one of the hyperloop companies. i think it is possible soon. caroline: david kirkpatrick, you're sticking with me. much more next. ♪ we check our phones 85 times a day. so it only made sense to create a network that keeps up. introducing xfinity mobile. it combines america's largest, most reliabl

folks like elon musk who told governors at a recent gathering is aode island that ai fundamental risk for human civilization and i do not think people fully appreciate that, he also said that he had access to cutting-edge ai technology and based on what we've seen, ai is the scariest problem? tom: mosque certainly does have access to cutting-edge technology, no one is disputing that, there is a point on existential. threat. i wrote about musk's remarks to the governors. when i spoke to other people working on ai, and spent more time on it than elon, there was a sense of disappointment because this idea that, you know, some point in the future, super intelligent machines will perhaps harm humanity, that is such a long way from where we are today. today we have systems that can do one thing, you know, it is not a generalized intelligence that can take on multiple tasks. so, it is quite hard to actually have a proper debate about that, because it is just so far in the future, it is speculative. so, i spoke to researchers who, not only work on ai, but think about the impact on society and

oliver: up next, elon musk's hyperloop surprise. also america's aging roads and bridges. ♪ ♪ oliver: welcome back to "bloomberg businessweek." i'm oliver renick. you can find us online at businessweek.com and on our mobile app. mass transit systems are about to have a big rival in elon musk. >> he said he wasn't going to get involved himself. he put out this white paper in 2013 and it was a gift to the entrepreneurial community. everyone else could take his idea and run with it. it seems like he has never quite let loose of the idea. in the back of his mind it was always there. in december he said he would start the boring company. if you are building a company like that why not throw in a hyperloop? surprise! after years of saying he wasn't going to build the hyperloop himself he has changed his mind. >> i remember when he first started talking of it, there were blueprints online, he emptied his brain into the document. people went gung ho after it. was that the case? >> yes. a number of companies -- seemingly with elon musk's bles

how elon musk continues to spend big to bring more electric cars to the road. our exclusive interview with jack dorsey on square's booming lending business. and sky high tech evaluations and silicon valley's relationship with the white house. this is bloomberg. ♪ ♪ emily: square's lending business is booming. i sat down with chairman and ceo jack dorsey to ask him about what is driving growth. he talked about square's burgeoning market of customers. new end under banked. we are notzed that really competing with financial institutions and banks and traditional lenders. our average loan size is $6,000. we are competing with people going to their friends and family and asking for a loan. and that is a massive market. emily: i also asked dorsey what he thinks of the skyhigh valuations of other tech companies. take a listen. jack: i am not an economist, so i don't know how to answer that question. we live in a market, and markets decide to evaluate it at this particular thing, so we will always have ebb and flows. that is not something we can control. what we contro

of our earlier callers anding about elon musk private space ventures. this is a piece from nbc news saying, so you want to be a tourist? one of those options talking about spacex. musk's company. the dragon cargo craft there, approaching the international station in one of their resupply missions. from derry, new hampshire. hello to michael on the independent line. >> hello. yes. hi. my comment is, after -- i love the technology in space and all that stuff, but i really think the manned missions really should not be going forward, that's out radiation there, the lack of oxygen, the amount of energy and time and spendthat we're going to to go out there and find nothing, i mean, send all the robots you want. go, you know. to that's all i wanted to say. >> michael, you say send all the want. you do you think it's a mission or something that the u.s. -- that the government should undertake in terms of seeing space as a new frontier? in other words, the government taking the mission in exploring -- taking the exploring in exoplanets -- >> sure. colleges, spre

. >> of the next, elon musk's hyperloop surprise.nd investors see dollar signs in america's aging roads and bridges. ♪ >> welcome back to "bloomberg businessweek." you can also find us online at business week.com and our mobile app. startups trying to build their own mass transit systems about to have one big rival in elon musk. here's reporter sarah mcbride. >> he says he wasn't connected involved himself, but he put out this paper in 2013, and it was kind of a gift to the entrepreneurial community. everyone else could take his idea and run with it. it seemed like he had never quite let loose of the idea. in the back of his mind, it was always there. in december he said he started the boring company. if you are already building a tunnel company, why not throw in a hyperloop too? surprise -- now after years of saying he wasn't going to build the hyperloop himself, turns out he changed his mind. >> i remember when he first started talking about the hyperlink, to put pretty much -- hyperloop, he put everything online. he pretty much em

of our earlier callers anding about elon musk private space ventures. this is a piece from nbc news saying, so you want to be a tourist? one of those options talking about spacex. musk's company. the dragon cargo craft there, approaching the international station in one of their resupply missions. from derry, new hampshire. hello to michael on the independent line. >> hello. yes. hi. my comment is, after -- i love the technology in space and all that stuff, but i really think the manned missions really should not be going forward, that's out radiation there, the lack of oxygen, the amount of energy and time and spendthat we're going to to go out there and find nothing, i mean, send all the robots you want. go, you know. to that's all i wanted to say. >> michael, you say send all the want. you do you think it's a mission or something that the u.s. -- that the government should undertake in terms of seeing space as a new frontier? in other words, the government taking the mission in exploring -- taking the exploring in exoplanets -- >> sure. colleges, spre

emily: we are hearing from sources that elon musk they want to build all the components. be like to go up against him? being able to do this in 2.5 years, have 300 brilliant minds -- we are focused on execution. there are probably many partnerships to be pursued. has been some turnover particularly on the tech and engineering side -- how are you handling that? >> we have had no search of people -- we have had no shortage of people interested in working press. head ofbrought in a new hardware engineering who came from google as well as a new software lead starting in about a week from now. there are candidates knocking on the door. emily: the cto moved on and there was a lawsuit and i am curious, what you learned from that experience and how you are moving forward? >> we are focused on building the real hyperloop, building around the world, as we have pod, with the xp one traveling at those speeds and breaking records. we are very focused on the future and that is all we care about. youy: i have to ask you, are one of the earliest investors in uber, what are your thoughts

why is elon musk putting this warning out?killer robots or artificial intelligence getting involved in the weapons business. you might say it already is, the us uses lots of drones, we do as well, and they rely on very sophisticated technology, including people, so where do you draw the line? will you have com pletely draw the line? will you have completely autonomous weapons that can kill people? maybe the un should say whether they can do that. we already have things for chemical weapons and nuclear weapons, why not on these as well? and a debate about how more developed countries are more advanced in terms of this. absolutely, america will lead the way, they have the lead in that kind of technology. we have been asking, do you embrace the robot future? robin says i am sure intelligent machines will hurt us at some point, it is just about degree. margaret says, i fear that robots will kill human resources in the technology sector. somebody says, put them in supermarkets to stop queue jumpers! there are normal users for these

back to you. >>> elon musk says artificial intelligence poses greater threat to the world than nuclear conflict with north korea. that's right the tesla ceo tweeted people should be concerned about the rise of machines, posting a picture of a poster reading in the end, the machines will win musk has been a long time critic of ai, putting him at odds with much of the tech industry. this week, we delve into controversy surrounding artificial intelligence, examine howie mer generals of this technology could effect investments. our guest has first time experience of ai and implementation into financial services, harry gas kel, chief innovation officer your reaction to what elon musk had to say sounds like he is predicting the end of humanity because of robots. >> he is, but he is worried long term, north korea is more of a short term threat. the irony is that he runs a big ai company. >> very true. >> runs tesla, ai on wheels. i think he is warning us, he wants to be sure we take the right steps in time, not that he thinks that will really happen. >> how beneficial will ai be for the workp

-- on the subject of generic drugs, it is and his danger of deflation in generic 79%. 5.5% after elon muskxpressed optimism about the company, also a casper and smaller than analysts anticipated. producing more and different kinds. $1.16 billion. about $1.3urn than billion that some analysts were anticipating. mark: we were down for the fifth day in six. stuck at one half of 1% trading range today. it is all about the bank of england today. the bank cut its forecast for growth and wages. somewhatto rise by greater extent than markets 2.2% in 2020.ird bloomberg british pound index rising ahead of the decision. .8%.by 1/10 that its decline was 18% since october of last year and rebounded almost 6%. flat on the year up against five of its big g10 peers this year. 7%.dollar has sunk by sterling index lower because of the bank of england cutting its growth and wage forecast. yearis the 10 year -- 10 -- 10 year yield. down to 1.17%. the day of the brexit last june. bank almost ahe year to the day cut rates to the record low. finishing up the impact, this is the chart rising. the small-cap index

elon musk said tesla is considering that -- a debt offering.hould he do it now since there is so much positive buzz? >> he probably should. too, that iphasize, think the tesla story has more upside versus other large-cap tech over the next five years. we are believers in this but i want to caution that it's going to be bumpy over the near term. the cash raise is typically one of those bumps in the road. they will have to raise cash whether it is now or in a year. julia: you just mentioned about the tesla story and scarlet hinted at it. why is there this paradigm shift in terms of electric vehicles? why is tesla going to be the key against other big tex out there like a baidu or apple that is willing to chunk money at this? baton ami and affordability are the reason why we think tesla is ahead of absolutely all the big outlets in detroit yesterday. i'm surprised that the gap between detroit and tesla. the companies that arethe compay the biggest threat from the product standpoint --the company the biggest threat from the product standpoint -- th

you heard me at the top of the hour, i have changed my mind on elon musk.been profitable for two quarters about ten years ago, 2010. they need to get to mainstream america fully loaded the model 3, 60 grand. i don't know if mainstream america can afford that right now. can he do it, can he pull it off? cash burn is high. they only have capital for the next three quarters. stuart: total concept and made it reality in manufacturing plant in california. liz: yeah. stuart: who the devil does that? liz: he has to keep the sales coming because he will need to borrow money. stuart: he's all right. liz: he owns 27% of the company. stuart: wealthy. less than 24 hours ago offered a radical immigration plan only let people in with skills we need and cut legal immigration from a million a year to a half million. doug, president of the american action forum is with us. obvious question, is this good for business? is this what business wants? >> i don't think so, stuart. it's on mark to changing visas. 10% are awarded for economic reasons. that's not a sensible approach.

elon musk has a 20% stake. fidelity has 10%.you are thinking about raising money, you don't want to dilute the shareholders. questioning the share price being so high right now. but they definitely have cash needs. they inherited solarcity and all of solarcity's debt. going forward, the amount of debt is going to be something investors should watch carefully. tesla, according to our reporting has been offering 5% on the nose, a little bit above the junk debt we look at here. in a worlde a lie a world quite a lot in where rates are increasing. will it be enough for investors? >> i think it depends on the individual investor and how long they are willing to wait. i would love to hear those discussions going forward. we hear that some investors have invited to a factory to her on wednesday. -- tour on wednesday. why not more convertible? with the price, you would think they would issue more convertibles. great question. i don't have a calculation us to why they are doing it this way. elon signaled on the shareholder call that they

we'll hear from elon musk has to say b about the quarter. you're watching "fast money" on cnbc in meantime, here's what else is coming up on fast. >> people are running from movie theatre stocks but the cofounder of netflix says don't count out the silver screen yet we'll be here to explain why he's betting big on the movie business plus -- dow 22,000 is finally here and one name that set up the party could be about to join in on the fun chor"ft ne rht mu me asmoy"ig after this [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they pick up some of what medicare doesn't pay and could save you in out-of-pocket medical costs. call today to request a free decision guide to help you better understand what medicare is all about and which aarp medicare supplement plan works

elon musk dropped out of the c.e.o.ouncil over the immigration push trump had a couple of months ago about banning certain groups from entering the country. now, we saw today ken frazier , from merck resign. within less than an hour from when he did that, president with a tweeted saying, now that you are not on my commission, maybe it is time to lower drug prices. i think that reflects tension going on for a lot of executives. they know that if they speak out against him on any of these issues that are controversial and seem to have a large part of the country, if not a majority turned against the president, if you do speak out, does the president tweet against you and does your stock price go down? does the president try to regulate against your company? what comes next? that is probably what a lot of executives are dealing with when they are not happy with how the president responded over the weekend and today. caroline: tom, we have seen companies responding in different manners today. not just directly to donald tru

elon musk is testing equipment to bore tunnels. build an underground freeway system. he said he came up with the idea as he was sitting stuck in los angeles traffic. eventually he would like to extend the hawthorne tunnel for six miles to the los angeles international airport. >>> tens of thousands of ballots that were never counted. the lawsuit filed over a common election practice. >>> state supreme court weighs in on boater approved prop 66 to speed up the death penalty process. what that ruling will mean for death row in california. >>> if you are driving anytime soon it looks like the commute is good on the san mateo bridge heading out to the peninsula. >>> it's quiet although we are looking for warmer weather. the south texas coast -- it's getting very ominous. category to dig, almost category 3 harvey. tim and charlie, 4th graders. 3rd graders today, they don't know how easy they've got it. their new gogurt tubes are easy open. those things used to be impossible. and p.e. consist of sitting around on mats. now everybody brea

the big question now is how much cash elon musk's company burned through right before unveiling its mostffordable car yet. musk spoke heavily of the model 3, a sedan that starts at $35,000. joining us in the studio, dana. shares of more than 5%. what are the highlights? >> they said they were going to spend a lot, but they spent less than investors have feared. model 3 reservations are through the roof. they have started installing a solar roof. it sounds like these fears of cannibalization are not as severe as some had been concerned about. the shareholder letter says they have seen an increase in reservations in the s and x since the 3 was revealed. emily: i am looking on the bloomberg, tesla spending $1.16 billion in the second quarter. >> they had signaled heavily that they would bring the model 3 to market. the still have $3 billion in cash on hand which should get them through the end of the year. emily: let's talk about production. he did say over the weekend when they unveiled the model 3 that he would be going into production hell, that they all would be going into production he

another transportation project by elon musk of tesla is on the fast track and the hyperloop car going 192 miles an hour on the test drive near las vegas. in an earlier test last month the pod only went 70 miles an hour. the hyperloop is a concept where people ride inside the pod and traveling through this vacuum tube along this magnetized track. eli must -- elon musk said it could one day take passengers from san francisco to la and 30 minutes. >>> two la residents pumping new life into the downtown san jose building at east santa clara and second street and collecting dust for six years. it was once a nightclub and now they plan on opening a bar with the classic arcade which comes during the downtown economic boom with high-rise and residential housing popping up with major tech companies including google moving in. >> people in the south bay are clamoring for this stuff and i don't want to drive to oakland or san francisco to have that type of experience so why not do it here. >> the strategy for the city economic development department, we are trying to stand out from the mall and

elon musk showed the first photo of the spacex space suit. it is tested to double vacuum pressure and the spacewalks won by astronauts doing transport in case the capsule depressurized. >> coming up with everything. >> looked like a thing from star wars. >> it does. before we go, we see a lot of fog. >> fog for tomorrow morning but with that space story, i thought we would take a quick look at the 2045 eclipse information, maybe, sort of, possibly. 2045 when the total eclipse will passover northern california. coming soon. [ laughter ] ever >>> to hiplash. in between his own calls for unity, president trump goes on an angry 75-minute tirade attacking the media and fellow republicans and threatening a government shutdown the nation's former spy chief now questioning his fitness for office. >>> hurricane watch. a massive storm gaining steam barreling toward the u.s. gulf coast where they're bracing for impact. al roker will join us. >>> crisis in the mail. an eye-opening new look at how the opioid epidemic and drugs ravaging so many families ar

elon musk has plenty of money.ng to better the world and a lot of people don't realize that. stuart: i never think of you as a green visionary but i will take you on the basis. you really do love your two tesla cars, tell us. >> they really are amazing vehicles, the most fun cars i have ever driven, they're so much better than any car i've had and the fastest cars as you and i discussed a couple of years ago, my car does 0 to 60 and it's electric, i wake up the next day and it's all charged up. if if you have elon musk way, you have solar roof and you get it from the sun, you feed your car every day and no cost of energy, that's what he's trying to accomplish. stuart: larry, we understand and we would like to hear from you, come with us in the opening in four and a half minutes. we are going to see the market go down. 60-odd points in the opening bell. i think the market is edgy about north korea and the republican divide on tax cuts. rewould be back copd makes it hard to breathe. so to breathe better, i go with an

cheryl: at elon musk wants to sell 400,000 more for next year.sue of charging stations. >> a test fund competitors proceed with electric cars. where all those cars going to plug-in? electric cars represent 1% of cars sold in the u.s. they are taxing the electrical grid for the 44,000 public charging in the u.s. the infrastructure offers little support for a larger pool of people appeared cities like los angeles have been putting charging stations in my best to keep up with demand. lauren: at charging station and lampposts. this is also really cool. a bar you are going to tell us about once to open on the u.s. border with mexico. >> that's the slogan for scottish-based brewery that's announced plans to open a new craft bar right on the border between the u.s. and mexico. the other half in mexico. the new bar is about collaboration and inclusivity and will be called the bar on the edge. cheryl: a scottish company is involved in u.s. immigration politics? >> sounds like a logistical nightmare to me. how do you -- the parties on the border. good to s

i check out elon musk's most affordable car yet and we check out tesla's earnings report.ll bets are on after 400 million shares of snap hit the market. we will look into the impact of today's lockup expiration of that the earliest investors have had their opportunity to sell. first to our league, the turmoil continues in washington. anthony scaramucci has been removed from his new job as white house communications director just 10 days after he joined president's staff. the white house said, "mr. scaramucci felt it was best to give new chief of staff john kelly a clean slate and the ability to build his own team." earlier, sarah huckabee sanders commented during the briefing. >> he does not have a role in the trump administration at this time. we put out a statement earlier announcing that. and i don't have much else to add. emily: we are joined by alex in our washington bureau. boy, that was fast. what do we know about what went down behind the scenes? >> it was a memorable 10 days. here is what we know. either anthony scaramucci decided to resign and offered his resigna

big on this apparently but nobody seemed to know that until it's a bit too late now know of the elon musk classic american entrepreneur bucking the trend about being the naysayers looks like all the shorts are going to get squeezed a market capitalization heading toward one hundred billion dollars it's gonna like the same path the stock of amazon back in the one nine hundred ninety s. you know before shorting mess stock all the way up until it broke out and now it's you know worth hundreds of billions of dollars so this is what happens in america people have ideas they get capital they get traction they have a huge market here three hundred fifty million just domestically and things grow rapidly unlike other countries like the u.k. for example they have capital markets but the total population is very small so even if you are huge in the u.k. are still pina in the global market and that's why it's very difficult to be an entrepreneur there but yeah good good on them so just to put into context lithiums current market size is two point five billion dollars so it's a fraction of even the si

tesla's founder, elon musk, has already hailed home storage as the next big step.vation — and a self—confessed car nut. welcome to the programme. we had this chat earlier in the week about plugging in cars. the batteries are the things they are charging, first question, how reliable are they, because anecdotally i know the thing thatis because anecdotally i know the thing that is holding a lot of people back from electric cars, partly the cost, but also the fact you can't do a really long trip because you will have to stop somewhere to charge? really long trip because you will have to stop somewhere to charge ?|j think have to stop somewhere to charge?” think it is true that electric cars are not necessarily the answer to everything right away. battery technology is improving all the time and you will be a wood to drive further and further in time with electric cars. how fast of a improving, what kind of games can you see? year-on-year, they are small gains but cumulatively quite quick step changes, and year it is surprising how quickly it is happening. talking abo

considered one of the ground breakers in the craft beer movement. >>> new at 11:00, tesla's ceo, elon musk revealed about 63,000 people that have cancelled their model three preorders. he says the number of orders went from approximately 518,000 to 455,000. musk says the company continues to see demand for it's first mass market car with an average of 1800 new orders a day. >>> a hyperloop pod hit 192 miles per hour during testing in nevada. hyperloop one is a los angeles tech start-up in this latest test, it traveled three times faster than the previous e1test. elon musk is also interested in that technology. he wants to build a hyperloop connection between los angeles and san francisco and d.c. and new york. >>> developing story, proposed sanctions on china signals a shift in the trump administration policy. a move to design to pressure china to do more to stop north korea. nbc's janet mckay frier reports from beijing. >> reporter: officially this move is to gain intellectual property. the subtext is it it's pressure on china to do more to stop north korea. beijing argues they've been do

meanwhile, elon musk buying a tunnel boring machine for the potential to tunnel through. the half >>> welcome to "the halftime report." i'm scott wapner the top trade, why the record breaking rally could be far from ahead. here's a hint. the reason lies outside of the united states. john and pete na jaaron is with us on set, tony dwyer the chief market strategist. another new high for the dow which continues to hold. there you see it, above

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. >> elon musk's spacex has reached a new milestone with its 12th mission of the year. yesterday, a falcon 9 rocket carry under to space the first satellite designed and built in taiwan. it will help evaluate natural disasters and monitor the environment. after carrying the satellite into space, the rocket landed successfully back on a drone ship. spacex has now launched the most missions in a single year. one more than russia. >> if a judge signs off, the world's surf league will be taking over maverick's. marvric's was last held in 2016. it got canceled this year. the wsl says it looks forward to working with the harbor district. they just need court approval to assume the permit for the big wave event. >> i know you're just waking up and thinking about breakfast. how about sushi with that latte. starbucks says it will soon begin test marketing sushi rolls at two locations in chicago. the company describes it as a classic california chicken burrito with a twist. shredded chicken, salsa, cucumber, and pickled cabbage with onions, avocado and crispy onions. >> i could g

and it is true that elon musk has cast a spell over wall street and the numbers help him, it shows thatis enormous promises but, in the meantime, his rivals in the car industry are catching up very quickly, and they are busy working on those similar vehicles, and there is momentum behind this now. we have government policy coming into line, we had the meeting in berlin yesterday and announcements from the uk government. the appetite is that? yes, and the regulations coming in for 2019 require higher restrictions on emissions, that is why we had an announcement from volvo that they will be making electric only cars from 2019. car makers are making ca i’s from 2019. car makers are making cars and government is trying to push policy but when it comes to the nuts and bolts of it, or whether you can charge what you want, and the batteries need to get better so they do not take so long to recharge? that is right, the model three has a range of 500 kilometres. jaguar are working on a car with a similar range, as are bentley. it's what you do when you run out of power after that distance. the g

in a moment we will find out what elon musk has to say about killer robots, and they want a ban.what they are talking about. norfolk police in the firing line after weekend of disruption at the seaside resort of cromer. restau ra nts the seaside resort of cromer. restaurants and pubs needed to close early with some residents talking about a town in lockdown. officers described it as low—level disorder. kim reilly. cromer looking at its very best in the sunshine today, after a weekend at marred successful carnival week. lee sale, who runs an ice cream shop here, told me of the intimidating presence of a large group of irish travellers. to intimidate someone, that's like terror. especially when you have got old people and families walking around. to me, that is bad. they might not be fighting or anything like that, but when you have got the intimidation and you're frightening families, that is not a good thing. at breakers cafe, they shut their doors on sunday morning, fearing for the safety of the young staff. another cafe owner told them he had been confronted on his doorstep. th

iger from disney and elon musk stepping down over the climate change issues with donald trump.he uber c.e.o. moving back on immigration. would we expect anymore to start standing down? as donald trump done enough to ease the concerns of the business community? we already saw one resignation, to be fair. >> it sounds like there are a few people on various councils who are considering their options. we saw the president of the afl-cio today say he is considering his options. a very big move for labor if they chose to pull out of this. i think one of the challenges a lot of these people on these commissions are taking into consideration is that they want to be a voice at the table. they want to be part of the economic conversations. at the same time, they want to take a stand on moral issues. they are balancing those two things. each time there has been a controversy, a few people finally say enough is enough. that may continue to happen if this president continues on the same course. talk aboutom, what you have been writing about on twitter. this is a difficult balancing act. we

burningp, elon musk almost $1.2 million cash in tesla's second quarter. the company's growth strategy next. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i am vonnie quinn. we focus now on a notable stop you need to watch today. avon products falling 14%. sincewest internet period 2016 -- lowest intraday period since 2016. joining us now with more is taylor riggs. taylor: you can see we are down more than 14%. internet sales missed, as you mentioned. it was the worst expected sales decline in recent memory. if you want to take a look with mey terminal, bear come on the lower left-hand side of the terminal is really cool, it shows a whole different functions you can use your bloomberg, the terminal here on the lower left-hand terminal. analyst saying they continue to lose share and consumer relevance in a number of key markets. that makes it more difficult to sustain the sales growth and operating margins. andie: activist investors yet they seem to be able to fend them off. taylor: it is greatly brought that up. , mccoy,see that the ceo is goin

emily: elon musk has painted a very doomsday scenario when it comes to the future of ai.ckerberg says that is irresponsible. what do you think? >> i think the potential of ai is huge. we are not looking at replacing human beings. we are not even going in that direction. the chances of those doomsday scenarios happening are very slim. there are way bigger risks in society. this technology is amazing. our customers like viacom, hp, salesforce, what they are doing is amazing. customers are looking at coming up with drugs to cure diseases. it is fantastic. i don't share elon musk's view. emily: and ai startup got $560 million in funding five years ago. last year, it got billions. is there any chance for an ai bubble? >> in the next 10, 20 years, there will be so many use cases. automation will not end. in many parts of the world we have an aging pop -- problem. there isn't enough young people to take care of the old. ai can help automate things in government, health care, and elsewhere. it is massive, just not that easy to do. people take that for granted. you have to bridge

cheryl: speaking of elon musk in this company. the hyper lou, this big problem is made, how is he doing on that? reporter: one of the few tech startups hoping to create a transportation network of the future announced it has succeeded in tripling which travels through a tube in his bill for passengers or freight and recent 500-meter test outside of las vegas. it uses magnetic levitation to hover above the track much like an air hockey, speeds of 192 miles per hour. the company is ready to start talking to partners, customers and government about its technology. it is faster than an airplane. >> it will revolutionize transportation. mark zuckerberg, had a face that has hired someone important to run his team. >> this could say a lot about the future. facebook ceo mark zuckerberg and his wife priscilla chan has hired joe bennison come a former top adviser to president obama and chief strategist at hillary clinton wins 2016 presidential campaign. reports say he will be a consultant for zuckerberg initiative. the philanthropic organiz