[laughter] google and microsoft, who are coming together.et's be clear, you compete, we were coming together to support people with barriers to employment. i will start by introducing katy brown. katy? there you are. come on up. katy is the vice president of enterprise sales of the west region at microsoft who is a lead sponsor of our good will microsoft space and with the grant that allows for learning possibilities beyond what residents have had in their past welcome. >> thank you. [applause] so thank you so much. i have to tell you it is absolutely in honor to be here and be part of this project. i am deeply touched by what i have heard this morning and all that has been accomplished at the goodwill. chris, i think we might be able to up that offer if you are interested. [cheers and applause] come talk to me. i am serious about that. [laughter] i have been a resident in san francisco for 30 years and i have had the opportunity to work for three companies based here as well. i care deeply, very deeply about this city and this community. i

more money into an organization that's called the global internet forum to counter terrorism so microsoft google facebook and amazon all part of that after this most recent shooting they work together through this organization twitch created something called a hash now this is like a digital fingerprint of a video they shared that with all these other tech companies and that was how they were able to collaborate to find the video and take it down because i think the point that you've made that out of the most is that it's not the live it's the people watching it afterwards i mean it seems extraordinary that tech companies can't stop the 2nd phase yeah i mean there's a lot of difficulties that you know 1st of all once a video is out there it's hard to get things off the internet right the spreads into all the dark corners of the internet additionally you know they're being shared now with encrypted messaging apps like whatsapp and those are undetectible you can't go in there and take them down right now twitch like a lot of other tech companies relies on humans to moderate its platform they're lo

we are talking about the cloud business microsoft and google competing with amazon. streaming, apple and amazon competing. we are talking about the smart home and google and alexa. facebook trying. they have their own issue. those are competing with each other in the same market because their core market, they are not going to see that much growth they need to diversify into something else that would be circulation as well >> the focus on this advertising, when we talk about competition, this is another high margin business if this is an indication that maybe they are losing ground on cloud, which currently represents about $4 billion. clearly is a big opportunity especially given the focus on prime services and digital as well >> is this also because of the margin i found this out yesterday as you say, cloud is only, what 10% of evenues, it is 50% of the operating profit the margins are so high. clear liam zon identified that to elizabeth's point, want to be in the areas of the juicy profits. e commerce is the margin because they the cloud, the more consumer you put

when it comes to online data processing there is hardly any way around the likes of amazon microsoft or google with a combined global market share of more than 50 percent now this power has long been a nuisance to leaders in europe not least because of a number of data privacy scandals involving the us tech giants now france and germany have unveiled a plan for what they call a secure and trustworthy data infrastructure for europe. whether it's on the production line or elsewhere storing and managing vast quantities of data is now an essential part of running a business. here in germany though there is growing concern that the biggest cloud storage systems are managed by companies based outside of europe an issue german chancellor angela merkel address at a digital summit taking place indoor and thus for us which are most bizarre but what worries me the most is that in many areas the management of dacia whether it's business or consumer related lies in the hands of american companies. by americans . i have nothing against free and fair competition but this is creating a reliance which we don't

you have seen companies come in like microsoft, google, into downtown detroit who in five would have the suburbs. waymo is installing self driving systems in the cars, in the in detroit. ford motor company is moving 5000 people, designing the automated electric cars of the future in the city, in detroit. this says to companies, who say i want to go to silicon valley, where no one can afford to buy a house, you can come to detroit with cost-effective housing, room to grow, and detroit is small enough to where you could make a difference and we are big enough to matter to the world. we think we are in an attractive place and stephen made us more attractive. david: stephen, we are a little time away now from the fed with their latest rate decision. i want to ask about how president trump's economy is affecting detroit, the state of michigan? what state do you think we are in? do you have a viewpoint on that? stephen: i think business is growing. business is concerned where it is going to go from here. we have had a long period of time since we have had recession, but if you look at the

remember some of the biggest companies with the biggest balance sheets are technology companies, microsoft, google, those are the places you've got a look. >> boy am i glad you just use that segue because we want to look at tech stocks. thanks for getting in front of the cameras on a very big day. the dow is down 448 points. we should look at google and apple shares, both are moving lower and at least in one of the cases a london court is saying big tech is not above the law. today a london court cleared the way for legal action against google. the case accuses the internet giant of bypassing the privacy settings of apple safari to collect iphone users browsing data, sort of secretly collected. privacy, of course, has facebook down. we have certainly come back. alphabet google is down 2%. if we look at apple you can see that is down as well. you've got privacy is just one of the many issues that have the most massive of titans ensnared on both sides of the aisle. they say it's time for silicon valley giants to be cut dn to size. larry was a chief architect of that clinton era act. it was a table m

charles: to that point, amazon, microsoft, google, they are all doing other things that would be companiesate publicly traded companies and i think people want an update on that. they will have to spend a lot of money to be a playern streaming and other things. >> that is getting into my wheel house. that's why i have been so insistent on all of thoses companies for so long because they have a number of other businesses in there that are not even remotely properly valued. if you look at the companies not just as they are today, but what they will look like in 10 to 20 years, you are talking about eight, ten, 12 different businesses, i think that's worth the investment dollar today. charles: there is this political climate. amazon is selling clothes from factories that other retailers blacklisted. most big retailers agreed to steer clear of a dangerous plant in bangladesh. amazon didn't do that. those kind of things play into the public opinion and also play into stock valuations and how money managers look at the companies. >> mostly because it is going to come from washington, that the mo

staff and work for wonderful clients >> you have blue chip holdings to say the least apple, microsoft, googleey, pfizer you love those big, marquee names. how do you feel about the market >> i think it's fine i think it's fine. i think -- i feel i can make a guess if p/es are between 10 and 15 like they've been in my career or above 22, 23, it's kind of expensive. in between, 15 to 20, with interest rates where they are it's fine? >> some of the growth names you hold are going to start to work again? some of the f.a.a.n.g. stocks, high growth tech >> yeah. the way we look at it, we're just really long term. you know, we've owned most of these. i think pepsi we've owned 30 years. >> that is right >> yeah. to me they haven't stopped working, you know. so yeah, i think, you know, like apple, for example, you know, i think they've got tons of cash, great creativity, trading reasonably well and we just keep -- we just own them we don't pay taxes if we can help it. transaction costs. we just own them. >> don't sell them, just own them. >> yeah. >> david, that feeds right to what i wanted to ask you

day with uld te microsoft,nd you had one compan that was really dominating everybody for a long time, you havedo essentially i would ilers probably -- four.be googlearin maybe three. google,no facebook and amazon. they're like semitrailers barrelling down the highway where nobody can get past them. now we have three of them versus one microsoft and it comes if you break them up, will you create much mo you will create much more innovation. the day say you pull youtube off of google maybe youtube will go maybe we should bill ourselves e as a safe place for people to be oror google willth start a new i network focused on safety or instagram might be doing something else or there might be a whole new thing. whey think a lot of the first amendment, not the first amendment, the anti-trust people are thinking is that nobody is going to, there is nobody today that is going to invest in a search engine. there's no way you can win. there hasn't been a search engine since forever, like 20, 15 years. there hasn't been a new social media site since really a significant one. i'm not talking about oy or yo ' or whatever that was, peach. there was a peach for 14 secondi there, but ther

microsoft's part. obvious because they had to do it. bold because they are putting googleicrosoft product even though microsoft at its core is a software company. taylor: i love the title of your latest call, called microsoft's non-phone just out innovated apple. walk me through your thesis. mark: that thesis is basically when apple held their big of an earlier. it is september now. we are already in october. the definition of innovation is something really new, right? in apple's case, they came out with a lot of stuff that will sell incredibly well. better battery life, better cameras, things that people want, but they did not really introduce anything wholly new. in fact, they have not really done anything new in five years since the apple watch announced. but we have microsoft, a company known by some as a technological dinosaur, out here trying new stuff. apple is at the point where they need to try something new, if that's something in the auto industry, something in the home, ods withanced air p cellular conductivity that can rely on their own, but the holy this sepp

if you try to guess what the next industry is going to be, we've had success in from ibm to microsoft to google and etc, next is likely to be ai and machine learning and the company's best voice to take advantage of that out the larger incumbents now. >> the larger because if the data? >> yes. that's what's needed for this next stage in the economy. >> that may lead to my next question which is why is it is still a barrier to entry even though it's not rivalries? >> it's not unravel roads but there are companies that keep that data and keep that data to themselves. they have economies of scale. this thing to do watch a large amount of data that are even much more then you can do with a medium or a small amount of data. a lot of that as a function of public policy choices that we have made about what data is and is not open to. >> -- a new entrants would have to assemble its own data starting from scratch? >> yes. >> we are going to have the gentleman from colorado recognized for five minutes in the region with the intelligent of the witnesses and come back immediately after. mr. buck? >> i want

>> as i said, if you look atom zon, microsoft and google, they just plot along. >> your biggest holdingmicrosoft. >> we have microsoft, yes. >> what is the investment thesis there if you are not looking at quarterly earnings >> that shift to public cloud and transformation across the board of fortune 500 companies these trends will not change moft, you've got amazon, google and the public cloud these are incredibly strong in the bust it is still not that expensive for the growth out look it has i would look at the quarterly results and not do anything. >> we'll leave our viewers with that corporate manager from asset management thank you for taking the time to speak to us today. there are a lot of earnings to watch out for in the tech space. not the least, microsoft this is the picture for s&p 500 and nasdaq slightly down that is it for "street signs" today. i'm joumanna bercetche >> and i'm julianna tatelbaum. "worldwide exchange" is coming up next. ♪ when you look at the world, what do you see? ♪ where others see chaos, we see patterns. ♪ connections. relationships. ♪ when you use loc

same in the microsoft situation. google open source versus microsoft close to source. what other alternatives that might arise if these are to be enforced? kara: it's really interesting. my partner and i do a pivot podcast. he is a professor at nyu. one of his arguments is that capitalism -- if you broke up instagram from facebook or youtube from google or aws from amazon -- those are the ones that are talked about -- you would create even more shareholders and more value for shareholders by breaking them up. i think people think it would be a valuable property. aws would be one of the most valuable companies on the planet the minute it was pulled out of amazon. so, a lot of people, instead of making the argument that it's punitive, it's great for shareholders to keep new companies. then they would do innovative things and be in competition. people don't remember, it used to be google video and youtube. at one point, google owned both of them. i think they closed down google video after the purchase. but that's one of the arguments is that it unlocks shareholder value

[laughter] the largest companies in the world are technology companies, apple, facebook, google, microsoft and so forth. are you worried there is too much power and data in these technology companies, and are you surprised the government has not done more? bill: technology has become so central that government has to think about what does that mean about elections? what does it mean about bullying or wiretapping authorities that lets you find out what is going on financially, drug money laundering and things like that. the government needs to get involved. eventually i came to regret not having that statement about having in office in washington dc. , theye technology company , they are seen that very engaged. there will be more regulation of the tech sector, things like try to see. there should be a point that relates to that. the fact that this is the way people come to media has really brought it into the realm that we need to shape it so that the benefits outweigh the negatives. david: you have three children, well-adjusted, and have kept them out of newspapers. how do you keep from sp

phone what is your expectation of privacy kinda can the government go to apple can you go to microsoft go to google whatever and kin can the government go to apple can go to microsoft go to google whatever and say we won this did you give up this right or buy say we won this did you give up this right or by virtue of you submitting this information to a clown and signing god a virtue of you submitting this information to a clown and signing god knows how many terms are divisions and when you downloaded the new form of this did you wave your rights knows how many terms of divisions and when you downloaded the new form of this did you wave your rights we don't know that's the issue that i want is when somebody when the government says we don't know that's the issue that i want is what somebody when the government says listen g.d. match whatever it is we want to go directly to your database listen gd match whatever it is we want to go directly to your database forget them and i'm going to go and we just better yet can we just kind of interface with forget them and i'm going to go and we just better ye

apple, facebook, google, microsoft and so forth.ou worry there is too much power and too much data in the hands of these technology companies and are you surprised the government has not done something more than they have done about this? bill: technology has become so central that government has to think, what does that mean about elections? what does it mean about bullying? wiretapping authorities? drug money laundering, things like that. the government needs to get involved. i brag to people that i did not have an office in washington, d.c. and eventually, i came to regret that statement. it was almost like taunting washington, d.c., and now the technology companies, partly seense -- they could have that lesson through a lot of innovators. they are very engaged. there will be more regulation, things like privacy. there should be better regulation that relates to that. the fact that now this is the way people consume media and it has really brought it into around that -- brought it into a realm that we need to shape its of the ben

companies in the world and united states today are technology companies -- apple, facebook, google, microsoft so forth. do you worry there is too much power and data in these technology companies, and are you surprised the government has not done something more than they have today about this? bill: technology has become so central that government has to think about what does that mean about elections? what does it mean about bullying? what does it mean about wiretapping authorities that lets you find out what is going on financially, or drug money laundering and things like that. yes, the government needs to get involved. early years of microsoft, i bragged to people that i did not have an office in washington, d.c. i eventually came to regret that statement because it was kind of like challenging washington, d.c. now, the technology company, partly because of microsoft -- they could have seen that lesson through at&t or ibm or kodak, a lot of innovators as well. they are very engaged. there will be more regulation of the tech sector. things like privacy. there should be at some point federa

largest companies in the world in the united states are technology companies, apple, facebook, google, microsoftand so forth. do you worry that there's too much power and too much data in the hands of these technology companies and are you surprised that the government hasn't done something more than they do today about this? bill: well technology's become so central that government has to think ok what, does that mean about elections? what does it mine about bullying? what does it mean about wiretapping authorities that led to find out what's going on financially or, you know, drug money laundering and things like that. so yes, the government needs to get involved. i for the earlier of microsoft said to people that i didn't have an office in washington, d.c. and eventually i came to regret that statement. because it was kind of almost like taunting washington, d.c.. and so now the technology companies, partly because of the lesson of microsoft, of course, you know, there could have seen that lesson through at&t or i.b.m. or kodak, they're very engaged. there will be more regulation of the tech

technologies and innovations that would actually penetrate and that is why for is the talk about google and microsoft going into the t.v. wide spaces but also what we've seen is that a local africans are actually doing something that is new we've seen the example of brick now coming in making sure there is access even which what we call the mobile access use in the mobile relatives that will be moved. from one bus to the other for. can you give me an example of a country that is getting it right in africa i mean we have very very it really varies as far as the internet goes across the corridor so one thing i would say a good example has been kinda kenya has really puts the externalization as one of their key policies which is very good and we've also seen also like for instance nigerians are doing the same and what we've seen is that as much as they are making the access to internet possible they also reforming the infrastructure because even laid off roads you need to make sure that you put all of these things that are necessary interest and i would say that a couple of the african countries have al

reporter: google signed a pledge to the american worker joining 350 other companies that already signed on including apple and microsofts on board. we herd from the ceo today, as part of this pledge to american workers he is actually expanding the i.t. professional certificate program that they have that trains people within six months to be ready to fill thousands of it vacancies around the country. >> we will expand the program to 100 community colleges across 15 states by the end of 2020. [applause] reporter: this program is available in right now 25 community colleges. you heard pichai said they are expanding that to 100 community colleges around the country. when we talked to student today utilized program. they say it is great. there is no college degree required. they are trained within six months. they can essentially start a job debt-free. these are good paying jobs, cheryl. median income for i.t. support job openings is $50,000 every single year. we heard from ivanka today who said because the economy is booming, you are seeing higher wages, a lot of job openings where people need to get skills to be qualifie

google growing in cloud? amazon aw. top dog and microsoft azure. google is gaining, only 6% of revenue.ring if the number gets bigger, are they taking market share. something going an as potential acquisition. google may be making an offer for fitbit. if you look at fitbit, the stock is up something like 23%. you can see that on your screens right now up around 33%. the bigger picture is google versus apple, right? apple has its smartwatch, apple watch and it sort of has this ambient computer capabilities linked to health care. many analysts say that will be a positive going forward. i mentioned microsoft cloud. charles, the number one dow performer after getting a 10 billion-dollar contract with the department of defense. back to you. charles: deirdre, thank you very much. >> sure. charles: folks we'll be right back. a brokerage account. with value like this, there are zero reasons to invest anywhere else. fidelity. charles: we've got about an hour to go in what turned out to be a monster day for the markets. a day like this also serves as an important reminder. a couple lessons for yo

. >> let's look at microsoft, amazon, google, these are all these hovering around $1 trillion in market cap microsoft broke out today but not convincingly it has been in a three, four-month range here. amazon is stuck in the mud never got back to its prior highs. here you are, it's very interesting to me, i think a lot of investors werelooking to play for that breakout in alphabet to new all-time highs two quarters ago it traded 1300 and went all the way down to the level steve was talking about in june that was a 20% peak-to-trough decline. >> is it too early for a would you rather >> no, no, no. >> i feel like dan is setting up would you rather here. >> the s&p 500 made a new all-time high. microsoft and apple have obviously run into this thing. microsoft not convincingly apple later this week we'll have an interesting test. >> the market is changing its stripes. people are underinvested in cyclicals. you bought your maga complex because it was revenue growth and that was the only place to find growth in a slow growth environment. now that we get trade headlines and some of this uncer

. >> still amazon has aotf head space beyond microsoft number two google cloud number three in the space. i think the one part abo a the jedi versus the difference about the general kind of aws or azure business is this idea of a network effect of these kind of app ecosystems, right? so that means that there's a winner take a dynamic if you look at an aws or azure and am on's still the clear in that. >> reporter: for its part the defense department issuing a lengthy statement. quote, the process clearedre ew by the gao and court of federal claims at the outset the competition included four all offers were treated fairly and evaluated consistently with the solicitation's stated citation criteria. as big as jedi is expected to be, it' oneiece of modernization efforts and the pentagon sayit does anticipate additional cloud contracting opportunities. for "nightly businessneepmt," morgan brennan at the new york stock exchange. burning.california >> reporter: i'm jane wells in healdsburg, california. the governor has declared a state of emergegey. the state's companies are trying flames.he e s

growth rate for aws, its cloud services unit, increasing competition from big cloud rivals like microsoft and google looking for aws revenue here of $9.1 billion and that would be a jump of 37%. that's the same growth rate as last quarter microsoft just told us that azure, its answer to aws, jumped 59%, remember, though, microsoft doesn't disclose azure revenue in dollar figures. the street is interested to hear about the company's increasingly important on-line ad business too. last quarter the so-called other category which includes that business jumped nearly 40% sebastian says that's a fast growing, really profitable business, and there's growing optimism he says among amazon investors that the company can take share from rival google, back to you. >> we talked about all the different places where amazon is spending and certainly they have so many different businesses to talk about i mean the streaming wars, how big could the content piece of the spending puzzle be >> listen, it's a market everybody wants to compete in, obviously. amazon, apple soon releasing its own streaming service, disney to

numbers were higher on the data center side because that is the infrastructure that amazon and microsoft and google these other cloud companies are buying. i think there's still plenty of opportunity in cloud, but i do think we have to reset expectations on the levels of growth that we will see. especially if you are getting more competition. we are seeing spending has increased in amazon web services. does this just tell you they are preparing for more rivals ahead? >> absolutely. that is definitely the way to read this. thattalked about the fact the field of marketing their spending more on for aws, making more offerings available, but that is in part because it is a much more competitive environment. azure is nipping on their heels. google cloud is growing. oracle has their cloud business. it is small, but you have quite a number of players there. the other thing8 that is interesting is there has been some initial pushback from some of the early adopters of cloud. they thought the pricing long-term was going to be a little better than it has proven to be, so some people are pulling back because

we had a succession from ibm to microsoft to google, et cetera. the next is likely to be ai, machine learning. the company's best poised to take advantage are the ones that are the large -- >> larger because they have the data? >> exactly which is what is needed for the next stage in the economy. >> and that may lead to my next question, which is why is data still a barrier to entry, even though it's not rivalerous? >> it's rivalerous, but there are companies that keep that data and keep that data to themselves that have economies of scale. there's things you can do once you have large amounts of data that are even much, much more than you could do with a medium or a small amount of data. i think a lot of that is a function of public policy choices we've made about what data is and is not open. >> to compete with them, new entrants would have to assemble its own data starting from way back? >> yes, they would, congressman. >> thank you very much. >> the gentleman yields back. we'll have the gentlemen from colorado be recognized for five minutes an

about big generally what we're talking about is what are called the big 5 that apple amazon google microsoft and facebook and the thing about these companies is they really touch every aspect of our lives and we don't even know it every single day every hour really and so their problem is that they have so much power over everything they do they know so much about us and there's so little regulation and accountability for these companies they are essentially monopolies they have generated together more than $800000000000.00 u.s. dollars last year that the bigger than the economy is saudi arabia amazon has surpassed wal-mart which is the other biggest retailer in the u.s. actually stands to lose a $1000000000.00 because of competition with amazon and it's one of those things or even if you would try to look for alternatives to poster fit your photos in a different way text your loved ones in a different way apply for a job in a different way it's really not an option there was an article that went viral earlier this year of a tech reporter who tried to remove herself from all of these compani

tops the list by market consulting firm interbred the firm is valued at 234 $1000000000.00 google amazon and microsoft all follow with valuations above $100000000000.00 known tech firms have slipped coca-cola placed 5th the top european brand was mrs benz in 8th place. the 3 main distribution companies for pharmaceuticals in the u.s. a caisson i was sourced battening and cardinal health have offered to pay a total of $18000000000.00 to settle thousands of lawsuits johnson and johnson offered an additional $4000000000.00 the companies are held responsible for their part in the deadly opioid crisis. and the us federal communications commission has approved the $26000000000.00 merger of team obama u.s. and sprint the deal would slash the number of major mobile phone service providers in the u.s. to just 3 that's why 18 state attorneys still oppose the merger. now women finally breaking through the glass ceiling in business following criticism europe's online fashion giant cilento has set a goal for women to hold at least 40 percent of top management jobs by the end of 2023 germany there are 30 percent qu

apple tops the list by market consultant interbrand the firm is valued at $234000000000.00 google amazon and microsoft all followed with valuations above one $100000000000.00 non take firms has slipped coca-cola placed 5th the top european brand with missy dispense in 8th place. the 3 main distribution companies for pharmaceuticals in the u.s. cason and memory source version and cardinal health have offered to pay a total of $18000000000.00 to settle thousands of lawsuits drug maker johnson and johnson offered an additional $4000000000.00 the companies are held responsible for their part in the deadly opioid crisis and the us federal communication commission has approved the $26000000000.00 merger off t. mobile u. s. and sprint the deal would slash the number of major mobile service providers in the u.s. to just 3 that's why over a dozen state attorneys still oppose the merger. thousands of rich residents in hong kong opening bank accounts in singapore and other financial centers as protests anxiety about the territory's future international banks including u.b.s. h.s.b.c. and credit suisse have all s

you got the likes of microsoft and google do you see that as a challenge >> i don't i think there's moreenough room for everybody to find great market positions overall gains, it's about $152 billion business there's 2.5 billion to 3 billion gamers worldwide there's a lot of successful business models. there's a lot of very successful different types of platforms from phones to consoles to pcs so i think there's more than enough to go around. in terms of our business, this has been a record year for us. in fact, this will be the highest revenue that the company has seen since we ipo'd. and we're growing through franchises and transitions that have been around like zynga post and word for friends we like to see the innovation. it's good for gamers and good for the industry >> hey, frank, we spent a lot of time talking about 5g next year as it applied to gaming. are there any changes in which the latency or changes in li latency? >> 5g is going to be awesome anytime gamers get more band power, they create more experiences. if you look at location-based gaming, the massively played games li

that the threat to facebook, but also to google, microsoft and amazon from antitrust is based on the fact they are really harming innovation in the economy and they have done a lot of damage to democracy, public health, privacy as well. so i look at this and say, wow, mark is learning a lot about how to do politics facebook's pr has been amazing this year, but he doesn't seem, in this particular audio string, to be the kind of thoughtful, forward looking person that he ought to be given all the things that are going on. >> casey, roger may be right that opposition to the firm is somewhat bipartisan, but that's not at issue here if it goes to court it will be a judicial question >> yeah, that's right. and i think you hear mark zuckerberg saying they are ready to fight really hard they think they can win that case and have been working as hard as they can to knit facebook and what'sapp and instagram together so if and when president warren emerges and try iing to break up the company, it's going to be as hard as possible for regulators to split it up so they are active ly working t und

products thatir facebook has an especially google and microsoft have, that are aimed at really little kids. microsoft has minecraft. kids,ok has messenger for and google has chrome books and all of their educational products. and those things are designed essentially to train really little kids for this world of surveillance that t is so core o the business model of internet platforms. amy: in a moment, we're going to talk about how you came to know mark zuckerberg and sheryl sandbeberg, what you said to th, the direction they're going in today, the signinificance of ths testifying on capitol hill, talking also about cryptocurrency. but i just want to get your comment on the latest news that a 47 states and u.s. territories are now joining with new york investigating facebook, charging it w with antitrust violations. important a really initiative. if you had asked me two years ago whether i thought it was likely we would see antitrust acts against google or r facebo, i would have said it was very, very unlikely. essentially, the republican party has had as a poor strategy to dismantle

and to me easily assembled and ready to roll >> yeah, you know, we enable, you know, zoom or microsoft or googlewhatever video service you want, we come in really for the cost of a couple chairs and you can video the room and save a trip to europe or china. it's incredibly affordable >> go ahead. >> one-tenth the cost of the or 1/20 the cost of those video conference systems of yesteryear. >> don't you have to given the fact that cheap value quality always wins in the end, will we be speaking about logitech as a video collaboration company that also has interesting gaming and peripherals? >> well, you know, maybe, this has gone from zero seven years ago to its 10% of our total company as you said it grew 60% this quarter so it's going to be a big business for us. we think one day this will be a billion dollar business. >> well, that would be remarkable because not that long ago, if you had a number in gaming that was not blow-out versus even last year's comparison because of fortnite, i would say logitech will go down your number was distorted by how strong fortnite was last year and i said, oh,