mandeep singh joins us now. $30.44? an overreaction? p: snap has not seen the downturn of a global financial crisis. in 2008 it was only google. that was the big digital player. snap told her investors they were going to grow 30%. now that they came out with the pre-announcement saying macro issues will result in a much sharper deceleration, goes to show maybe the company didn't see this coming but i attribute it more to the company not experiencing a downturn of this magnitude before. alix: how much did you feel like it is syncretic with snap and management stuff and how much is it macro? mandeep: the social media space is tough. if roadblocks is doing well and is coming at the expense of some social media companies. if tiktok is doing well and is taking away engagement. in general social media is a hard space to maintain that engagement, because consumers are fickle. they will keep changing platforms. at the end of the day advertising is highly cyclical. what we are seeing right now is not that surprising if you look at the prior downt

let's bring in mandeep singh. let's start with some breaking news with twitter in particular.orts suggest that elon musk will at least temporarily be the ceo of the social media company. what does that do if anything to the bottom line? mandeep: clearly he has a plan and he wants himself to execute it. i think his focus is really toward cutting costs. he does think that the ebitda margins for twitter are much lower than their competitors. there will be a focus on cost. with the new investors joining him, i don't think there is a panacea when it comes to turnaround the topline growth for the company. it will take time. it looks like all of these investors are ready to wait for a while, as opposed to private equity players like apollo, who may have looked for a three to five-your exit. guy: is this a zero-sum game? if he is the ceo of twitter, what does that leave for tesla in terms of time and attention? mandeep: that was the biggest criticism of jack dorsey running two companies, twitter and square. clearly you can make the same argument. the difference is twitter will be a pr

mandeep singh and kurt wagner out there in our beautiful san francisco office. coming up, texas social media mayhem. that is going to be up next. i will be speaking with david kirkpatrick of course about what that new texas law, what could it really mean for social media platforms all in the name of censorship. that is next. this is bloomberg. ♪ taylor: we want to talk now about a new social media law out of texas that has many in the tech world fearful of what might be allowed flow on your feed, all in the name of censorship. groups representing twitter, facebook, and youtube warned the supreme court that unless this texas law is blocked, anything, from russia propaganda, as well as neo-nazi posts denying the holocaust, could show up. insiders warning these extremist views could cause a social media companies to lose millions in advertising. for more i am joined by david kirkpatrick, who thankfully, you have been all over this. i am curious, i believe the supreme court can decide which cases they want to hear and which cases they want to rule on. what, at the h

kriti: mandeep singh. this is bloomberg. ♪ another crazy day? of course—you're a cio in 2022.ou're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ jon: this is "bloomberg markets ." we want to dig deeper into this decline of 20% from the record closing level of the s&p 500. abigail doolittle has been tracking this. in most sectors putting us on pace for the seventh week of declines. abigail: the worst stretch since 2001, pretty telling in terms of the kind of action we had this year. he reminds me this stretch of 2001. if you look at a chart of put together for this conversation so we can see this, in 2001, the market peaked in early march. the second peak was in october. you can see down 20%, then up 20%. there were a fe

bloomberg's mandeep singh joining us on the subject of social media stocks.ith the ceo of one social media company next. this is bloomberg. ♪ another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we feeling good? looks like we're feeling good. bring on today with comcast business. powering possibilities™. jon: this is bloomberg markets. i'm jon erlichman along with kriti gupta. for what it is worth,

with more on this is mandeep singh. why the turnaround? o one is clear yet in terms of what sort of deceleration we are going to see on the gaming side. the data side remains strong and nvidia said they have good visibility in the datacenter chip demand, but the gaming side, i think it is tough in terms of there are some positive drivers, but then you see consumers pulling back and the consumer device shipments go down. that will hurt nvidia. i don't think the market is clear yet in terms of what sort of deceleration we are going to see, but clearly data centers was very strong, and the cloud continues to be a big driver for all of the semi guys. they're making all of these data centers for migrating the workloads, and i think that is going to last for at least three or four years, so we are not going to see a slowdown on that front. guy: i know they are exposed to gaming and the chips are often interchangeable in some ways between gaming and crypto. what is happening in those two separate markets right now? mandeep: we know crypto is reall