that is epic games ceo tim sweeney. in trial apple saying that "epic speculates about a world where apple is a different company and asked this court to place a big bet the world is better than we one- -the one we live in. but it isn't. the result will be less security, less privacy, less reliability, lower quality, less choice." let's get more on this colorful day in court from ed ludlow. tim sweeney testifying in court today. give us some more context here. some any complicated issues at play. ed: epic and tim sweeney are arguing that apple operates a walled garden within ios. the app store is the only way you can download for the apps. what they want to see us more options. if you have an iphone you do not have to go to the app store. you can go to another store and download the app. apple says, hold on a minute. through ios, you get access to one billion devices around the world, 80% of the apps in the app store are free anyway which is good for developers and we are only charging commissions of 15% for those smalle

attorneys for apple go to work on epic again ceo tim sweeney. we will have highlights of his cross-examination from day two in this massive antitrust trial. neighborhoods have become a crucial information hub in the year of the pandemic. but post vaccines, as people go back to work, what is the next chapter in keeping communities connected? that and more in an exclusive conversation with next-door ceo sarah frier. we begin with the u.s. market selling off, sparked by inflation fears. tech getting caught up in the crosshairs. apple, amazon and tesla seeing shares fall. let's get more from katie gray feld and kriti gupta. katie, what are you watching? katie: stocks we are seeing red, led by the tech sector. down over 2%. s&p 500 down bite .9%. the nasdaq 100, more than double the drop is the big faang fell. comments from treasury secretary janet yellen did not help. she said higher rates might be needed to prevent overheating in the economy. she later but walked that back. the chips felt the crunch with the semiconductor index dropping for a third

that's tim sweeney.n trial apple saying that, quote, epic speculates about a world where apple is a different company and asks the court to place a big bet that the world is different than we live in but it isn't. the result for consumers and developers is less security, less privacy, lower quality, less choice. let's get more on this colorful day in court from bloomberg's lud low. give us so many competitions. ed: they say that apple creates a garden in our airwaves because it's the only way you can pay for the apps you want. what they want to see is more options. if you have an i.o.s. device like an iphone, you can go to another store and download the app you want. apple says, hold on a minute. you get access to one billion devices around the world. 84% of the apps on the app store are free anyway which is good for developers and we're only charging commissions of 15% for those smaller businesses. let's talk about what it says about apple. if you're an investor, why do you care? this is why. last year

james sweeney, should we fear a redux of the 1960's? james: no. be open mind to that risk but what we are really talking about on the upside is core inflation running 3% for a year. something like that. that is not our forecast. his little bit higher than our forecast. the evidence is mounting that kind about, could happen. if that happens, that is not the end of the world. maybe it is 1966 to 1968 before inflation got out of hand at the end of the 1960's and the 1970's. the fed will handle that in a different way than they did in the 1960's. it is not the end of the world. it is a big change for financial markets and thinking about what happens to monetary policy if we get that outcome is important. jonathan: how are you expecting consumer inflation expectations to shape up given the experience they are having right now in this country? james: i do not know what consumer inflation expectations are. these are strange surveys. most people i know do not have a clear sense of what they are answering when they answer that question. usually those surve

emily: in your view, has tim sweeney and epic been persuasive in making that case?hat apple really is different, and as you mentioned, all of these players take a 30% cut. guest: i think thus far, i have not seen anything from the epic side to say they are making a persuasive argument to the judge", including in their evidence, cross-examination that apple is doing anything not par for the course. one interesting tidbit i heard this morning was apple's lawyers basically questioning sweeney about the typical home and how many devices they have, and which devices they have, really going to the crux of the issue. the problem came down to the box -- v bucks. ? virtual currency that you could buy. epic to not want to pay the 30% cut for purchasing v bucks so they created their own payment system. apple does allow you to port over v bucks without giving apple a commission since you already bought those on android or playstation. they basically got sweeney to admit that there are other devices you could have bought them on. emily: what is on tap for tomorrow? guest: tomorr

sweean sweeney. >> epic ceo tim speen sweeney t the stand to explain why his video gamemaker is suingfter apple kicked epic games out of the app store for trying to circumvent its feeds epic protesting the fee apple takes from its games hoping this trial could permanently change apple's model. epic argues the app store is a monopoly, the payment system, the tax passes costs on to consumersuies the fee should be closer to 12%. it grew to 315 million players as of may 2020 and epic paid an estimated $210 million of its $700 million worth of two years of ios revenue to apple. noting apple represents just 7% of epic's revenue according to court documents. behind the battle billionaire epic founder tim sweeney who sold 40% of his company to chinese giant tennyson atennyson and arrived at the courthouse moments ago. last night tweeted, epic is a company built on the aspiration of serving a new generation of developers and customers as openly and supportively as apple did in the era in which they invented personal computers. as we go into court it is for those original digital freedoms that

this is a joy to be with paul sweeney.9:00, we will be on radio worldwide, anticipated after the last 24 hours because he's expert on this insanity of our media business. paul's career goes back a zillion years. it is he that built bloomberg intelligence. thrilled to have you with us today. let me cut to the chase now. how does the roberts family respond to this, and the iger-less disney respond to this? how does nbc buy cbs? paul: i don't know. maybe they spin out the nbc universal business and merge that into viacomcbs, similar to what we saw with at&t and discovery. that would create something more competitive. tom: it sounds like a rounding error to me to get this done. why can't the roberts family go after warner, which is what they really wanted to do all along? paul: one could argue this is the last round of consolidation for these really big media companies. after this, you get to some subscale media companies. if comcast wants to really doubled down on content, they have to go either after warner brothers, or mayb

. —— hasjust begun. big ceo tim sweeney —— epic's ceo tim sweeney took to the stand and said what hem it— gain from it. how do we expect this to progress. _ gain from it. how do we expect this to progress. it _ gain from it. how do we expect this to progress. it is _ this to progress. it is extremely high profile and if apple were to lose, it could have ramifications? the trial is auoin have ramifications? the trial is going to — have ramifications? the trial is going to go _ have ramifications? the trial is going to go for _ have ramifications? the trial is going to go for three - have ramifications? the trial. is going to go for three weeks and tim sweeney is going to take the trial again tomorrow to finish his testimony and then they are expected to hear from other app developers and companies who are also on happy with apple including —— unhappy with apple including —— unhappy with apple including microsoft. after that it is going to go into a boring phase a little bit where lots of experts are going to testify about the economics and then apple will get to put on its case. it pl

tim sweeney tried to make the point that the game his company makes is more than just a game.it is a meta-verse. the court reporter had to ask him to clarify what he meant by that. this whole daya was the whole meta-verse that had been created was allowing apple to take a substantial cut to the extent that in some cases, apple was making more money than the developers off their own apps. that is the heart of the accusation being alleged by epic. >> the charity save the children says thousands of kids have been separated from their parents by the fighti in the tigre region in northern ethiopia. many of these children are living alone inside camps for displaced people, leaving them vulnerableo hunger as well as physical and sexual violence. >> it is already very difficult to get aid and support to tigre. what save the children is saying is children are facing the brunt of this. many of them are turning up at informal camps that do not have adult caregivers. it is very hard for them to get food, water and shelter. on top of this, some children are living in single rooms with doze

but tim sweeney said his main issue was apple's business practices, and at the end of the day, he isis fight not just for epic but other developers as well. haidi: our legal reporter in san francisco. ether is challenging bitcoins dominance in the crypto market, passing $3000 on monday, up over 300% in 2021 so far. bitcoin has been on a volatile run. we were told that it is less volatile than other assets like apple or tesla stock. >> cryptocurrencies, blockchain, you learn about the coin first. after that, they say there is blockchain and it is not just bitcoin. there is a lot more you can do, and transfer and value. you can do smart contracts and other things, nft's. they are all of these use cases and people need the other coins to do new transactions. that is probably why it is going up. >> my concern is, and you have been tweeting about this, a lot of people rip on bitcoin and they don't know what a public key is and you have people investing in a b&b and they are just jumping in because the prices rising. if you have too many people like that, that is fraud in the system. it do

trial, with plenty of interesting tidbits revealed in the first four days, like tim cook and tim sweeneyright, josh lip ton? >> so, john, the week started with opening arguments both sides clearly ready for battle here. epic saying that apple's 30% commission causes higher prices to consume, and that the app store isn't as secure as apple says apple firing right back though, saying the app store is secure and that epic is only bringing this case because fortnite, its bread and butter, isn't the powerhouse it used to be but tim sweeney, billionaire ceo of epic games, took the stand. people point out for the occasion he ditched his tee shirt and cargo shorts for an actual suit. that's how important this is he even made some news, saying fortnite now has 400 million players, and that's up from 350 million last may fun fact by the way, as you mentioned, jon, judging by newly released e-mails, there was a time when tim cook wasn't even totally sure who tim tweenie ww sweeney was. the most interesting revelations came out of documents that surfaced from both sides, including e-mails from apple

the three-week trial in oakland, kro california could include epic's tim sweeney to apple's tim cook.what happened in the trial today? >> we heard opening arguments from both sides of the trial fortnite maker, epic, arguing apple's 30% cut causes higher prices for consumers, saying that apple built a walled garden and that the app store isn't as secure as apple says it is meanwhile, apple countering in its opening remarks that the app store is secure and safe unlike epic's payment system saying a meaningful decline in fortnite usage is what prompted the company to try to avoid app store fees and saying the majority of accounts are not on apple's operating system ceo tim sweeney made the decision last august to launch epic's own system for processing payments inside its games. that was designed to circumvent the 30% fee that apple and google collect from in-app services it was against what he says is a monopoly that apple has. sweeney announcing fortnite has 400 million players up from 350 million last may that does contradict apple's assertion that epic is suffering. if apple wins, it

the guy taking on apple the most valuable company in the world by market capitalization it's tim sweeney c.e.o. of epic games creator of the fortnight video game his legal arguments are packed into 20 boxes using apple's own internal documents epic games attorney katherine forest accused of turning its online marketplace into a digital walled garden monopoly that lures in developers and users then squeezes money out of them by charging a whopping 30 percent commission for sales on its op store apple fired back telling the judge that epic suit is part of a self-proclaimed war against mobile platform fees that defies the law and the facts. i think epic has a good argument that apple's policies are exclusionary and that they're anti-competitive and so you know based only on what i've seen so far i think the epic has a good case. epic games wants developers to be able to offer competing up stores if epic wins the case apple would lose a crucial part of its business model. to stop this happening apple will send c.e.o. tim cook to testify during the trial he's expected to argue that apple's fe

tim sweeney, the epic ceo, is expected to speak first.ed to hear from tim cook along the way. this argument is about the commission apple charges its developers on the app store. tim sweeney argues they are too high, too penalizing for the developers, and they should be changed in a way that makes the system more equitable and the seller should have options to alternative payments outside of apple. tim cook at apple argues this is a good ecosystem and gives developers access to a billions of devices that run ios and takes out the fraud element. this will last for weeks. sit tight. guy: we will continue to cover it for you day by day. thank you very much. you want to following today, is available on live go on your terminal. coming up, dr. steven corwin, new york presbyterian president and ceo joining "balance of power" with david westin. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $

sweeney telling the judge, he could not lay out that potential impact >>> vegas told out by labor day021 predictions. boy was i wrong. shares of caesars up nearly 7% right now. the company saying weekends in las vegas are pretty much sold out for the foreseeable future it's the first weekend of may. wow. and krispy kreme looking to go public again the doughnut chain revealing it has filed with regulators for an ipo. the company first went public in 2000 then had to file for chapter 11 and was bought by j.a.b. holding by $126 billion. if you weren't around then, friends, trust me, krispy kreme was the dogecoin of the day. it was the trader's favorite stock before going bust. >>> on deck, the president laying out a new vaccination goal 'llaitutorvey too conservati wel y o f you dow futures up 80. we're back, after this ♪ ♪ ♪ cisco. the bridge to possible. ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪ go with us and find millions of flexible options

emily: epic's ceo tim sweeney was the first to testify.pecting tim cook to testify possibly before the end of the week. what do you expect to hear from tim cook, based on what he has already said in statements that apple has made about this? mark: i did not think tim sweeney's testimony at the beginning of the trial was particularly effective. it sounds like he had not fully woken up yet that morning. he was also first to speak, so he was the first person that the judge heard from. whereas, tim cook will not only be apples closer, very likely the closer for the trial. he will be the last person to speak unless there is some procedural sub tacked on the end. the last message that the judge will be left with is the message from tim cook. and what you will hear is how the app store has benefited the economy, how much money the app store makes. you could expect to see tim cook play up the valued aspect or how it generates money for the greater economy as he normally does, stepping away from whether or not apples practices are an antitrust viol

through each individual box and say, yes, yes, yes so that was definitely a big theme for apple, and sweeney- epical answer is, basically, there's a different business model. the app stores don't need to take a 30% commission. they can charge way less, because that's how much it costs to run an app store. whereas a consolemaker actually is losing money on the hardware and trying to make it up on the commission trying to make that distinction but it's very technical. >> i said no sketches, but here are sketches yes, there are sketches. does it come down to, if you make money, then we get to decide as developers how much you get to charge us i mean, because, yes i mean, the console gaming model in the past had to do with using the hardware as a loss meter, but apple clearly, all the games its in, to make money, should that be held against them? >> yeah. that's sort of part of the big question that's happening here that's kind of what apple is trying to say. they were really telling a story of, like, listen the app store, they, tim cook likes the use the phrase economic miracle we've created hu

he challenged that brendan sweeney described brother was for this figure who walked through the streets accountant and the winds with before them. let me talk winds. so imagine that it configured, he was maybe a thicket of hope, even for the hungry beings. the immigrants who had so moved brother walford had fled ireland. 1000000 irish starved to death when their potato crop was blighted. another 1000000 emigrated celtic, saved a lot of songs, and the irish have idolized the club ever since. the may 2020. this is bell fox in the north of ireland. the celtic have won the scottish leave for the 9th time in a row. even under corona virus lockdown, fans can't contain that price. ah, his scooter scored a familiar sights at celtic park. they never miss a match. or the leader of the pack is known here about as wheat off a. suddenly, as he gave me an actual reason for them, i r stroke about 10 years ago. and according to the i'm on the legs. but one thing that kept me going was, i have to get back to park had, have to go back. and i was going this in my living room and here and i and she, everyt

she says here, about 9:30 captain sweeney came around and said he wanted to tell me something. i wasn't crazy to hear it, but as long as he was on his way to the front, i thought he might as well get it off his chest. so i kidded him along and told him i was entirely too busy to get married right now. jack came to say good-bye and i hate to think i may not see him again. on one hand, it's kind of sweet. he's going to the front and wants to propose again. on the other hand, she said she's heard it a thousand times. he's not the only one that proposed marriage to her. but put yourself in her shoes. why does she hear him out? because he's on his way to the front? she knows he may not come back from the front and she feels it is her job as a representative of the ymca, as one of these canteen women, to hear them out. to sort of allow all these men to propose marriage to them over and over and over even though she's tired of it. now, in the beginning of the war, when she got there, she's young, right. she had a boyfriend at home. she probably missed him. it might be fun to have capt

teams sweeney takes a

. >> tess confided in the counsel of anna sweeney, specializing in eating orders who says tess has atypicalhich would imply the same physiological characteristics of anorexia nervosa, except for body size accounts for anywhere between 2 and 4% of the population. >> tess says it was her psychologist who initially diagnosed her, a shock even for the model. >> i told the psychologist, well, i won't eat all day, you know. i'll maybe have coffee or maybe i'll have, you know, a handful of whatever is around me. and then at nighttime, i'll have my meal or snacks or whatever. so i thought that that meant that i was a binge eater, and the psychologist looked at me and said you're anorexic. and then i just started crying. >> she says online hate played into her struggles. >> yeah, i am a model, right? i am successful. i've been doing this for a long time. i've been talking about, you know, self-acceptance and loving yourself and fat acceptance for [ bleep ] long time. but i still deal with it. i still get people that make me feel like [ bleep ]. and that's okay. because unfortunately, it's going to t

this is sweeney in southeast texas. homes and cars there flooded. take us through the forecast. >> reporter: linsey, we have a couple of areas of rough weather across the u.s., in the south and high plains. denver, reporting 62-mile-an-hour wind gusts. and tornado watch posted for mississippi and parts of alabama. you see it on the radar scope. tornadoes possible. denver, st. louis, louisville, little rock. you'll be under the gun. then tuesday, gets into the same areas getting hit tonight. linsey? >> rob, thank you. >>> now to afghanstan, where the drawdown of u.s. forces is under way. today, u.s. troops turned over control of a camp to afghan special forces troops. the afghan flag replacing the stars and stripes. one day of after the original target for the drawdown of u.s. forces. the taliban is stronger and more forceful than at any time since they were overthrown. there is concern for women and girls in the country who have made huge strides. ian pannell is in afghanistan. >> reporter: as the troop withdrawal gets under way, there are growing f

ah, professor steven sweeney is a colleague of mine at the university of sorry, he works at the cutting edge of laser physics today. in the medieval world, there's one scholar in particular that i'm passionate about, you know, hate them. and he wrote 2 book of optics a 1000 years ago in which he was doing all those sorts of things that you associate with, with experiments with light today. so reflection and refraction of light even down to designing experiments with camera skewers to prove that light travels in straight line. but those aspects of understanding the properties of later up. so the key to modern science technology actually. but perhaps the idea that launch on the straight line is one of the most important ones. and it's one that we really now make use of in technology and science. and actually we've got a nice example here that i can show you today, just based on research. we're doing right now. we're going to be using a laser and we need to wear these just to protect our eyes for the experiment. ok, so what we've got now is as a beam of light and invisible beam of light sh

the guy taking on apple the most valuable company in the world by market capitalization it's tim sweeney c.e.o. of epic games creator of the fortnight video game his legal arguments are packed into 20 boxes using apple's own internal documents epic games attorney catherine forrest accused apple of turning its online marketplace into a digital walled garden monopoly that lures in developers and users then squeezes money out of them by charging a whopping 30 percent commission for sales on its up store. apple fired back telling the judge that epic suit as part of a self-proclaimed war against mobile platform fees that defies the law and the facts. i think epic has a good argument that policies are solution and that they're anti-competitive and so you know based on what i've seen so far i think the epic has a good case epic games wants developers to be able to offer competing up stores if epic wins the case apple would lose a crucial part of its business model. to stop this happening apple will send c.e.o. tim cook to testify during the trial he's expected to argue that apple's fees are not

epic games ceo tim sweeney had been at the trial representing the game maker.he stakes for both companies are high. epic trying to prove apple is a monopoly with respect to the app store. apple working to defend itself. in the face of broader regulatory issues. listing -- listening to the testimony, epic's lawyers caught him contradicting himself. the judge was mostly quiet until she piped up with some pointed questions. how would you wrap up the day? >> everything seemed smooth and positive until the last 15 minutes. if i am apple, i did not like what i heard at the end. she through doubts over apple's rationale for lowering the cuts. calling it a move to help small businesses during covid. i think most people knew this was in reaction to regulatory scrutiny. the judge sort of cold out tim cook for that. she said, you guys don't have any competition when it comes to in app purchases. obviously, that is true. they are the only game in town when it comes to that. she did not ask about the idea of third-party app stories. i think her focus is on that in app purch

that means there will be more sweeney between other classes from the overvalued assets.e need to be more dynamic in terms of asset switching. as far as looking for more diversification. >> tell us a little bit more about that, elaborate on how you are shifting the portfolio to present those changes. you mentioned the key risks pushing us to the bubble. how close are we to entering this territory right now? cecilia: we are looking at their earnings growth, the earnings numbers. the stock has been well supported by the earnings growth. this is something we will continue to look back. as we can see in q1 at the end of last year, there has been very strong growth. we expect there will be more balanced switching's and the growth versus value stocks -- this is not as strong as last year. we will have to be more sensitive about overvalued stocks and switching to undervalued stocks. >> that was cecelia chan joining us from hong kong. you can join us through instant messages, send it to our team, our guests during our live shows. check it out at tv , this is bloomberg. ♪ >> y

matt: my good friend and cohost on bloomberg radio, paul sweeney, is a big fan of the pellets on bicycleagine, as the weather gets better in new jersey, he will want to get out and maybe ride a real bike. our people going to start going out of the house and using the products less? dave: there is always that potential, matt. you can always stare at the four walls of your exercise room for so long -- only stare at the four walls of your exercise room for so long. this gets most of its revenue from the biker, 60 2%, and the rest is coming from other products. folks at bloomberg intelligence point out that tread plus was not a big seller but an area of the company, the company was focusing on it for growth and they were planning on moving marketing dollars there. to have that source of potential growth dry up, that is a real issue. we get a better sense on how big an issue late tomorrow, after the close of u.s. trading, because peloton third-quarter results are due. analysts at bloomberg are looking for revenue and a wider loss. they will be having a lot of pieces to get to, especially with

paul sweeney and i will continue the discussion in a moment.l on foreign relations, richard oz later this morning. this is bloomberg. ♪ >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. jonathan: it is not looking good this morning. from new york city, good morning . the countdown to the open starts right now. crypto and equity futures down. we declined 1.3% on the s&p. is there a bubble in inflation warning? >> inflation. >> inflation. >> inflation. >> there are worries about the inflation risk. >> there are meaningful concerns about inflation. >> the fed cannot stop inflation. >> i worry they will fall behind. >> the risk of policy. >> baby the inflation will not be transit

epic ceo tim sweeney has been here every day out the front of the court room.s he was walking in that he is feeling good. but epic has to prove that apple is in some way, with respect to the app store, a monopoly. that is going to be very difficult to do. we know tim cook has been prepared for this. he's been practicing for hours with his team. we have never seen him testify in a court setting like this before, but we have seen him testify a couple of times before congress, and has always come off pretty polished. he's never really been caught off guard. but he is prepared for that moment today, for that off-the-wall question. we are expecting this testimony from apples side, asking -- from apple's side, asking some questions now, before cross-examination, so we are looking at three hours of tim cook on the stand today. guy: you can follow it on the bloomberg at tliv if you want to get an idea of what the questioning looks like. cook talking about right now the importance of security and privacy. emily, is there an expectation that this is just the first of man

it might be fun to have captain sweeney and this guy, whoever he is and some other guy from kansas city they all come tell you, you know, they are just swooning and they like to be around you. that was probably fun for a while, for a while. and then after a while, he got really old. but, as the canteen woman, you cannot ever let them think that a gold old, right? he's on his way to the front. you've got to let him propose marriage again. and so, what is that like for a 25-year-old woman away from home for the first time in her life? right? another picture of another ymca woman and to love smitten deal boys. i'm essentially really makes me laugh. she says, after supper, the marine lieutenant and lieutenant pack took helena for a walk and was set by the river. it was the most romantic spark so we didn't linger a law. right? they kind of figured it out. and i think that's a really interesting i mean, just the sentence there but it's really interesting to show how these women have learned to deflect attention, right? you are not going to tell lieutenant palmer and lieutenant pack that i'm t

paul sweeney and i will join you on radio.rning. ♪ >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york city for our audience worldwide, good morning. the countdown to the open starts right now. from a beautiful new york with equities up .6% on the s&p 500, we begin with the big issue. struggling to gauge the incoming data. >> three opening trade is accelerating. >> fears have dissipated. >> you are at post-pandemic. >> removing the masks is symptomatic of that. >> we are transitioning from a spring bloom to a summer boom. >> there are some nuances. >> we have pent-up demand. >> meaningful concern about inflation. >> huge anxiety about inflation. >>

the earliest cases sweeney versus - - was about how to educate students. those values are important. they are very important of pluralistic communities on college campuses. with universities being able to make choices who they allow on the campus and who they don't allow. there are also free speech rights at issue. but getting contextual, the cost and free speech terms is minimal to my mind. an outsider to the campus. many outlets in which he can speak. he's not being sanctioned in any way or punished in any way. it's a clash of values. those are of constitutional significance and on both sides of the question and are extremely significant for the university to curate the information available to students and it's minimal for richard spencer who could go a few blocks down the street off of our parents campus and go to the park and give the same speech and would not be bothered. this is a great example it's the ways in which a standard american approach to freedom of speech flattens different questions into them and i can questions of the spree on - - of th

tom: i'm really looking forward to talking to paul sweeney about what we have seen in media the lastouple of days. lisa: i was not throwing shade. i'm allowed to be excited. jonathan: are you going to be with secretary yellen at the top of the 9:00, tom? tom: i have no idea. i'm just, you know, i'm looking for an entry point. jonathan: you do what you're told, i'm sure. lisa, thank you. i hope they play that, and then i won't do my show. this is from walmart. the team breaking down the numbers on the bloomberg terminal. the headline grabbing me here is the 37% surge in walmarts e-commerce business. that is from our reporter here at bloomberg. the e-commerce side of the business, even with three opening, continuing to do well. tom: they are buttressed up against amazon. this is likely streaming thing. we are compressing all of these industries into a scale driven view, and that is what you are seeing in retail online as well. jonathan: let's bring in andrew sheets of morgan stanley, the chief cross asset strategist. "investors face early cycle timing and late cycle crisis." what does

we expect to hear from tim sweeney, ceo of epic lit be interesting to see how this unfolds i'm lookingfrom opening statements. apple is accusing hamster of saying invising, they invested in lawyers, pr and politics in order to get the benefits apple provides without paying. you have those barbs thrown there and epic trying to get to the anti-crust contrust concernt apple. >> remember when they said if you buy a computer that has windows, you can't be required to use internet explorer you have to let other browsers compete. under that basis, why shouldn't apple be told, look, just because you have an iphone doesn't mean you can only offer the app store. you can offer the google store and the other stores that might have different pay structures. i think apple says it's for security reasons it wants to own that relationship but will that argument hold? >> it's not just the security reasons part oift. it's also that apple truly believes that anti-trust law is on its side. epic will have to prove consume harm which means prices going up on other services and apps they think they will be re

. >> reporter: apple ceo tim cook and head of epic games tim sweeney could both testify in court in thethe industry juggernauts battle over one major issue, the so- called apple tax, a 30% fee developers pay on digital purchases made via apple's app store. last year epic games added a new feature to fortnite allowing gamers to bypass apple's app store for certain in-game purchases like a new look for a character or a celebratory dance move. apple fired back booting the game and millions of their users off the apple platform. >> apple's defense is in this case it's not here to defend its app store policies. it's here to say epic broke its roles. >> reporter: apple says its control over the app store is vital to keeping its system safe and secure and protect the privacy of its users. it's unclear how the case will go, but the lawsuit could have far reaching implications. >> one outcome could be that apple is forced to allow other app stores onto the iphone which could mean less expensive stuff. >> reporter: deirdre bolton, abc news, new york. >>> some history overnight as nasa had its fir

looking forward to talking to paul sweeney on bloomberg radio in a moment about amazon and mgm.s, and i am going to rip up the script. i can do that with the gentleman from north dakota. kevin cramer is with north dakota. i have to keep my dakotas careful. senator kramer -- senator cramer, i will stop for a moment for you to speak on the symbolism of your republican party, from john warner dying at 94 to the moderate republican party. i love the idea that i think like lincoln you lost your first three elections. tell me how your gop keeps republicans like john warner and senator portman of ohio in the fold. how you keep these liberal republicans in the party? sen. cramer: thanks for the question. pragmatism works. one of the things donald trump drop to the republican party's working-class americans. at the end of his four years, one of the things we lost our not so much moderate as -- suburban women, for example. if we take the trump mantra, less globalist, america first globalism. a populism conservative and applied in a gentler way, not shyly, but i think we have the right gov

. >> fascinating you have a very different perspective than barry diller and tim sweeney at epic aboutee, the fact that you're happy to pay it evan spiegel, ceo and founder of snap, thank you for joining us to talk about all of your ar innovations you rolled out yesterday. >> thanks so much, julia appreciate it. >> guys, fascinating stuff here. the idea that he's so eager to par participate in the 30% fee and partnering with apple, how different snap is than facebook on so many levels, jon. >> i was going to say, jokingly, kind of, i think we found the first thing out of snap that facebook is not going to copy. its feelings about apple and this ecosystem i want to put that in the context of satya nadella just singing his praises as well and i wonder whether snap is going to be able with snapchat to have that like button moment that i think accelerated facebook in such a special way, deirdre. i don't remember how long ago, but that created this broad surface in which facebook is relevant snapchat still an app, i see augmented reality stuff, but when does it become something people are d

. >> hello i am tyler sweeney, senior from indianapolis studying finance. thank you president daniels, mr. ryan and misses heitkamp. according to the congressional budget office, the u.s. government made 375 billion dollars in interest payments on its debt. while there is much talk of defense spending being the main driver, -- u.s. defense spending is close to his post-1960 low. the main drivers of the national debt are mandatory spending programs such as health care and social security, which combines -- of fiscal year 2019. these programs were already -- are already facing insolvency and covid-19 has hastened the trend. what are the roadblocks to congress taking prudent steps to take control over the national debt? >> senator, paul is in the starting blocks, but why don't you preempt him? >> i would say is the first thing you need to do when you look at the trajectory, you need to get health care costs under control. you could say these are mandated spending program so we ratchet back, bottom line these are people, especially in medicare, that have earned

epic ceo tim sweeney says apple is cutting into their business by forcing epic to go through apple for that apple can earn more from commissions on games than the game developers do. this trial is expected to last for three weeks. joining us now to talk more about what is at stake in this case. ryan eldridge, co founder of nerds on call, there's a lot at stake. i know here. let's start off with the argument that epic games is making right. they're essentially saying that apple is taking too big of a cut. and they say apple has a monopoly and is abusing that power. how are they going to make that argument in court? well, so ultimately it comes down to this in 2020 epic games made $5 billion.1 billion dollars of that was profit. and with that ios or apple took $700 million of that. essentially just allowing fortnight to be on their platform. this is kind of a problem because fortnight obviously doesn't want to pay 30% directly to apple, and there's a whole industry beyond just apple here. that's at stake, so i'll give you example not only his epic games taking apple to court they're also

i will begin with jonathan, epic ceo tim sweepny said apple -- sweeney said apple's making more than the developers are. apple's a monopoly, today tim cook's testimony goes into the crucible. what came out today that you feel could sway the judge, if anything? >> well, you know, it's interesting, right now as we're speaking the judge is pressing cook, and she's making some pretty, pretty damning comments. i mean, one thing she said earlier today before cook was even sworn in was that she had problems with the 30% commission fee. she thought it was out of whack compared to some of the other on line stores. and she also just basically said to cook, and i'm quoting her, doesn't seem to me that you have competition or much incentive to work for developers. so she's finding some holes in the argument. now, i'm not saying she's going to rule in epic's case, but i'm saying she's trying, she's been studying it very, very thoroughly, and she knows this topic cold, and she's asking him some very uncomfortable questions that he's having problems answering. in a sense, it kind of gives me this i

and what about epic ceo tim sweeney, talking to a lawyer, some say he wasn't that effective, it was hardttle to win this courtroom fight. now, in terms of a decision, the judge likely won't have one for at least a week, maybe more. of course, there are ongoing appeals on either side regardless of what the judge decides. david: susan, thank you very much. meanwhile, the white house is eyeing your bank accounts. a provision in president biden's american families plan would allow the irk rs to spy on all your spending habits as well as on your income. of course, this would allow the irs to track your personal and political presences anytime they want -- preferences anytime they want. of course not that they would ever target folks based on their political beliefs, would they, steve forbes? >> well, david, you know, absolutely. you know, absolutely they would use it for political purposes. remember, ten years ago the obama administration was using the irs to harass the tea party groups, conservative groups that rose up in opposition -- david: lois lerner, i remember the name well. >> yes, si