tech today.there are some upcoming tech related cases the supreme court could likely here in the near term. if he is confirmed, what does that mean for the future of the supreme court? >> he is pretty on for supreme court judges, 53 years old. in all likelihood, he will serve on the court for potentially decades to come. you can only imagine what kind of tech questions he will face. we may even get a ruling on whether ai's should be given the same rights as humans. if we are looking forward 20, 30 years, you can only imagine the kind of tech questions that will come before the court. there is a case about apple and whether it has the right to charge the commissions that it does on its app store, while making developers only develop for its app store. that is an antitrust question, which is, of course, a very pressing and major question for the major tech companies. such as is amazon becoming too powerful, is apple too powerful, is facebook -- should it be regulated like a public forum rather than

follow tech today.d there are some upcoming tech cases that the supreme court could hear in the near term. so if he is confirmed, what does it mean for the future of the supreme court? >> he is pretty young for a supreme court judge, 50 years old. it is likely he will serve on the court for potentially decades. you can only imagine the kind of questions he will be faced with. we might even get a ruling on him on whether ai should be humans.e same rights as you can imagine the kinds of tax questions that will come before the court in the next few years, much more in front of us now for example, there is a case about apple and whether it has the right to charge the commissions app store, while making developers only develop for its app store. that is an antitrust question, which is of course i a very pressing one. is amazon becoming too powerful, is apple too powerful, should facebook be regulated like a public forum rather than a private company that can decide what goes on in its own network? these are

-- tech situations? >> i have been looking at tech for a number of years. i thought the eu was much better at mobile for a long time. gsm, we when you adopt all went to 3g and 4g together, you in some ways leapfrogged over us. fiber on both sides, you are much better at home. generally i find your cost to consumers higher than last. my parents lived in the united states, and i am shocked how much they pay for cable or satellite services, compared to consumers in the u.k. i am not quite sure why that is, whether it is an effective monopoly or duopoly. we only have two real broadband providers in the u.k., in reality, in many areas. for example, artificial intelligence -- you have to break that down. there are some areas where we seem to be in the lead in a.i. there are others, such as the ethics of ai, where canada seems to be the lead. in these umbrella areas, you have to break down to see the different leadership. >> how much international cooperation is there in the tech field from your perspective? >> is funny, because -- it is funny, because i was at a

tech firms.a counterexample, to tell you what had happened if prices if brexit hadn't occurred, would have been more. but as it stands, london is still the number one tech hub in all of europe. emily: so, you have got some competition there. in europe in particular, what are you bullish on? mike: there are a number of sectors we like. one of the areas that the united kingdom helps a lot is that we were very early in the fintech, partly because of the regulatory regime in the u.k. we started early in that sector. one of our companies just went public, another one was robin hood, and the united kingdom really helped us in that context. so we continue to invest in that area. we do like commerce and retail, companies like "far-fetched" and "etsy." far-fetched is also largely based in london, so we are seeing commerce thrive in that environment. another area that we like is urban mobility and transport, sort of like for american audiences door dash. it is actually quite a bit bigger than door dash. th

challenges for lot of tech companies, tech hardware is completely entwined with china. some of the subcomponents like metals, things that go into pieces way down the chain. so hard to extract that for all these companies. even though we haven't seen the tariffs on phones and typical products you be concerned with, those components are purchased by everybody. all hardware companies are taking a bit of a hit if these to kick in. >> we haven't fully figured out the impact of the trade tariff drama. we've been operating from an assembly standpoint in china for so long. been such an efficient gizmos. meet technology giz chip making industry expanded. made in the united states anymore. extricate yourself to penalize a company for operating china, it's a very dangerous path to go on. of this is not known. emily: bob, what about start-ups? start-ups fall? >> software start-ups are fine. cloud-based services could expensive. telecom equipment becomes more expensive. are companies that get 20% of their sales from china. them -- this executive impact them? measure.ill be easy to m

he spends most of his tenure on tech issues. first of all, what is the european parliament, and what regulatory powers does it have? >> there are members from 28 different countries. the u.k. sent 73 of 100 mp's. it tends to be proportionate by size of country. we legislate -- we have the powers of code legislation. in effect, we have equal power the 28th governments of the eu. that could be technology policy, environmental policy, financial regulation, transport policy. a lot of that is at the eu level and transposed international laws. >> can that get a little confusing if eu parliament wants to do something and british parliament doesn't? >> in directive, national governments have discretion how they interpret law. if it is a regulation, all countries are supposed to interpret it equally. the european commission, the civil service of the eu, proposes legislation. it hands out that proposal to two bodies. one is the council. they go away and that comes the council proposal. they would also hand the same time hand to paper over

so at the moment, tech united kingdom, a key voice for the tech sector, is saying we are worried.: so how likely is it that this deal, you know, it is clear that prime minister may's party is behind her. but how likely is it that the deal will be accepted in the u.k. and by e.u. lawmakers? caroline: at the moment, not very likely. it is believed already coming from michel barnier. michel barnier is a key negotiator on behalf of the e.u., and he is already sounded off in new york that he doesn't like the sound and the smell of what is being proposed at the moment. i might add, at the moment, all we have is three pieces of paper coming from the u.k. government. we don't have the actual white paper which is some 200 pages, also. but as it stands, the fact the u.k. has thought of trying to cherry pick here, wanting to have a free trade agreement in terms of goods but not in terms of services, there are saying look, that is not cool. what we want is if you want to opt in to our single market, i am afraid that you have to allow the free movement of people, of capital, and indeed of good

and deep tech in china. emily: what has been the reaction from people in beijing as these dramatic developments have played out and gone back-and-forth with the tit-for-tat? benjamin: it has been a bit of a roller coaster. as an american here, i often referred to and questioned about what the true meaning of all the questions are and what will stick to the wall and what will not. i think that the overall view here is that trump is a businessman. he understands the impacts that these types of measures would have both on u.s. businesses, as well as the shareholders there. likewise, many of the chinese businesses are obviously backed by venture capital firms. much of that money coming from u.s. investors as well. so the view here was that, while a lot of these, what we call extreme pressure measures are being used, ultimately the impact of these statements would be mitigated. and so ultimately, not huge damage done to local businesses. emily: we are of course already hearing from lawmakers. take a listen to sen

tech companies paying their fair share in the u.s. . well u.s. tech companies are notorious for not paying too many texas even before u.s. president donald trump started his texas reform earlier this year a lot of the u.s. tech companies paid far less corporate texas than the overall demanded thirty five percent quite often they would pay less than twenty percent one of the main reasons for that is also when it comes to intellectually property rights a lot of the tech companies actually list of goals. ride somewhere in cheap takes countries and therefore they can avoid higher takes this that they were they were also supposed to pay here in the united states still do american tech companies paid taxes here in the u.s. sure they do but quite often they pay far less taxes than we've seen it in a lot of other areas by the way the same especially when it comes to those intellectual property rights it's true for the pharmaceutical industry they're also notorious for paying a lot of texas so yes u.s. technology companies pay their share but less than ot

gender issues in tech, so we are part of the solution.ve. i believe that those same companies should get credit for the work that we do, so amazon, facebook and especially, microsoft, those are our three largest donors. when we are bringing 12 million girls into this field, those companies should get credit. for funding an operation like this. emily: eric roberts, longtime computer science professor at stanford wrote a paper, where he talked about the capacity of collapse and the ability to handle computer science students. night and four, mac is out everyone is excited about , studying computer science, goals cannot accommodate, so they start turning students away and the number of computer science degrees starts dropping. it happened again in the.com boom. he warns that we are facing another potential capacity collaps today, because so many people are interested, but they cannot accommodate them. >> that is happening now. the university of seattle, washington turns away 3/4 of the students trying to get into computer science. >> it is n

tech, so we are part of the solution.se same companies should get credit for the work that we do. amazon, facebook, and microsoft are our three largest donors. when we are bringing 12 million girls into this field, those companies should get credit. emily: eric roberts, longtime professor at stanford, wrote a paper about the liability to handle computer science students. in 1984, everyone is excited about studying computer science. schools can't accommodate, so they start turning students away, and the number of computer science degrees starts declining. he warns we are facing another potential capacity collapse today, because so many are interested, but can't accommodate. >> that is happening now. the university of seattle, washington turns away 3/4 of the students trying to get into computer science. gender,t based on their but it is based on grades. the university system needs to understand if they can't teach the most important subject students want to learn -- the university either needs to change, or students will g

plus, big tech slides past the high bar. google delivering a monster quarter, and sales beating estimates. the one investor turning their back on tech and we will tell you why. an update on the fortnite phenomenon, how one person struck it rich thanks to begin the has been played by 125 million people. it is no secret trump loves the first, idea of a trade war. the president made it apparent tuesday, saying everybody is talking. we are the piggy bank being robbed, he says. not everyone agrees. including the semiconductor industry. qualcomm and intel, submitted a statement that trump's tariffs will undermine u.s. technological leadership, cost jobs, and adversely impact consumers of semiconductor products and producers. joining us to discuss is the chief content officer, and bloomberg's asia tech managing editor. great to have you in studio. what do you make of this from the folks in the chip industry saying these tariffs will backfire? >> the technology industry is nervous because the supply chain for tech stretches between

our aim is to identify tech future tech leaders as young as sophomores in college.tify, include them in the community and we invest in them? hadi: we have brought together this amazing spectrum of people cto ofcludes the microsoft, the original cto of google, the original cto of face book, as well as these amazing people who have created amazing things. the woman who founded task rabbit for example, or the guy who invented photo tagging, the all of created ios, these people, not all of them are famous, but they have all contributed something amazing to the world of technology. so we are bringing them together , whoa pool of young people have been curated and selected based on their talent and their promise. emily: so how is it similar or different to something like y comninator? adi: i think it is similar because of the energy and the belief in unlimited possibility. it is extremely different because these are not founders with companies. some of them are, some of them might become future founders, but we are not incubating business ideas. we are just trying to find

tech giants. it's an idea the e.u. started toying with earlier this year digital companies should pay their fair share of taxes during last weekend's g twenty meeting e.u. finance leaders made sure the proposal was on the docket. like every other company tech giants like google are required to pay taxes on their profits however many use creative accounting twelve voigt paying their full share that's why the e.u. wants to start taxing the revenues instead of the profits that large digital companies earn in european countries. the new measure would force digital companies with significant presence in europe to pay a three percent tax on the e.u. revenues brussels hopes the tax will raise five billion euros a year. tech giants already pay disproportionately low taxes and the money they earn isn't accounted for in president trump's favorite obsession the u.s. trade deficit he claims the e.u. has a one hundred fifty one billion dollar trade surplus with the united states but his calculations only look at the exchange of goo

meet our new apple martini drinking overlords. ♪ tech boys tech boys ♪ ♪ tech boys tech boys ♪ ♪ tech♪ ♪ with your mustache and your paycheck ♪ ♪ and your blue badge and your limp dick ♪ ♪ with your mouth full of the party line ♪ ♪ and your weekends working overtime ♪ ♪ overtime overtime ♪ >> anthony: fish and chips is a thing, right? >> dustin: that's a thing. >> astra: yeah. >> astra elaine and dustin patterson are members of the local band "the gods themselves." they wrote a song about the new kids in town. pacific inn pub is a holdout, a place that has so far managed to resist the temptation to appease the invaders. for lunch, fish and chips. ♪ tech boys >> anthony: you know, bitter old -- like me are of course going to complain any time we hear about, you know, a lot of high-fiving white guys coming in to town. and yet, you've created this sort of iconic hate anthem. can you tell the tech people from the non-tech people? >> dustin: yeah, they have the badges. >> astra: neutral colored clothing. they're kind of easy to spot. they have a walk. >> anthony: they have a walk? >> astra

at a quiet launch of some of tech's names. bloomberg. ♪ airbnb received one of its biggest blows in its history last week. your city council voted to require the company to hand over it -- name and addresses in the city. say the legislation could potentially cut new york city bookings in half, raising questions about come these growth and cities crackdown restrictions. airbnb has said the bill is in violation of user privacy as it prepares for its $140 million in gross bookings to drop by at least half when the legislation goes into effect in january. twin has been quietly stirring up silicon valley. born in iran, they got their start in microsoft bought out their respective companies. today the brothers have possibly the most impressive list of angel investments of anyone including facebook, airbnb, zapmberg, dropbox, and bows. recently they had expanded to philanthropy with a goal to teach all kids across the u.s. de. to co i sat down with them to talk about these early investments, working with mark zuckerberg, and what wit

fixodent and forget it. >>> it has not been all of tech suffering.le stock up 10% year to date, holding steady this week as well as the company is set to report earnings after the close today market cap for the company sitting at $934 billion. josh lipton is here with what to expect from apple this afternoon. hey, josh. >> reporter: mike, apple is on a roll here, the stock up 15% in the last three months. here's what the street is looking for after the bell today. earnings per share $2.18 on revenue of 52.3 billion. that implies growth of 15% on the top line iphone units, up 2% from a year ago. iphone average selling price, $694 is what the street is looking for. that would be up 15% from a year ago. iphone results matter when it is this late in the cycle service is in sharp focus, expected to jump 26% to $9.2 billion rbc sees strong service momentum in the quarter, led by subscription growth, strong gaming specifically. and looking ahead, the street looking for apple to forecast q4 revenue of 59.6 billion. that will imply a jump of 13%. morgan stanl

people who follow tech today.there are some upcoming tech cases that the supreme court could hear in the near term. so if he is confirmed, what does it mean for the future of the supreme court? >> he is pretty young for a supreme court judge, 50 years old. -- 53 years old. in all likelihood, he will serve on the court for potentially decades you can only imagine what kind of tech questions will face in. we might even get a ruling on him on whether ai should be given the same rights as humans. who knows. looking forward to 20 or 30 years, you can only imagine the kinds of tech questions that will come before the court. before us now there is a case , about apple and whether it has the right to charge the commissions it does on its app store, while making developers only develop for its app store. that is an antitrust question, which is, of course, a very pressing one. things like is amazon becoming too powerful, is apple too powerful, should facebook be regulated like a public forum rather than a private company th

tech industry. is going to be hit by the trade war concerns and perhaps a downturn in the u.s.? daniel: unfortunately, the trump trade a policies excel during the day when the chinese will be more independent. they import $200 billion of semi conductor chips. that is a vulnerability we don't want in the future. so, through industrial policy, the chinese are going to catch up. they are going to spend the money they need to to sort of and the korean and u.s. european companies less important in the food chain. yes, that is exactly a concern. the unintended consequences of the chinese today is that you make them less vulnerable in the future, because they pivot to domestic source technology. julie: we have to leave it there. thank you so much. joining us there from boston. let's get back to alphabet. bloomberg technology host emily chang wrapped up conversation with the cfo a bit ago. she is joining us now from san francisco. what did you hear from her? emily: yes, just got off the phone with her. she

this is bloomberg. ♪ alix: tech wreck. here to take us through tech's correction is taylor riggs.re looking at what could be the fourth straight day of losses in the faang index. you had a 9% drop. a lot of this coming from facebook and netflix. a lot of people say sentiment went too far, too fast. bank of america shorting some of the stocks. take a look at what that is doing to some of the etf flows as a measure of sentiment. we actually have some positive flows around google because earnings were better than expected on the 23rd and 26th. on the 27th, you had investors pull out about $144 million. invesco q2 qt the index has a quarter of its holdings in the faang index -- qqq index has a quarter of its holdings in the faang index. tina martin adams said that facebook and netflix were sort of the -- gina martin adams said that facebook and netflix were sort of the keys. -- the investment community really messed in terms of advertising growth and they thought that maybe it would be infinite but that is only half of the story, that the rest of it has not played out yet. there has b

tech situation? what do you think we do right over here and what do you think, huh, we do that better than they do? >> i think it evolved. i'm not going to say for a number of years. so, for example, i thought that the eu is much better mobile accomplishment for a long time when you have -- you know, when we had gsm. you had tbma and all of those others. but actually when you did adopt the gsm and went to 3g and 4g together, i think you kind of caught up in a way. i think there are areas of fiber which are on both sides. and we have some leads and you're much better to the home. and i think -- generally i find more costs to consumers higher enough. i'm shocked among my parents and i'm shocked how much they pay for their cable or satellite services compared to consumers in the uk. i'm not quite sure why that is. whether it's an effective monopoly. because we only have really two in the u.k. two real broadband providers in many areas. but i also think, you know, that it will be more competitive. for ex

the challenges for a lot of tech companies is tech hardware is completely intertwined in china. so many of the sub, subcomponents come from there. things that go into pieces way down the chain. that so hard to extract for all of these companies. as a result, even though we have not seen tariffs on phones and typical products you would be concerned with, those components are being purchased i everybody. all of these tech companies, hardware companies in particular, are taking a bit of a hit if these things start to kick in. emily: how rattled is the chip industry by this? >> i don't think we are fully impact of thee trade tariff drama. we're been operating from an assembly standpoint in china for so long. it has been such an efficient place to make technology gizmos, if you may. the chipmaking industry is also expanded substantially there. logistics is easy. nothing is made in the united states anymore. most of the other places either for that matter. to completely penalize a company for operating in china or importing or exporting from china, it is a dangerous path to go on, bec

tech is very diverse. apple and tesla are very different companies. what are the value plays still in technology that may be considered a safer bet at this point? >> there's been a lot of debate about sort of a rotation into value stocks. but the interesting thing about it is within the tech space there are a lot of value names. if you look at the sort of van guard value e.t.f., its number one holding is microsoft. when you consider apple, keep in mind its largest shareholder or one of its largest shareholders is of course one of the biggest value investors of all time, warren buffett. there are other names in there, including cisco and intel, when you look at a price to earnings basis, price to book basis, and some of the other price to cash flow and other metrics, they all sort of fall into the category of value placed and we are seeing some analysts single out some of those stocks going forward as being maybe where you want to be. getting away from some of the pure growth names that was netflix and getting into some of these more -- what they consi

marty: it would be a big issue for tech and well beyond tech.lobal tariffs is an opening skirmish. if you are talking about tariffs on $500 billion of products, that is everything that comes out of china into the u.s. that includes apple's iphones in particular. remember, apple iphones are designed in california but assembled in mainland china and then shipped over here. if they were to levy tariffs on those kinds of products, that would cause damage on both sides. emily: marty, it sounds like he is not just talking about china. when you look at his tweets, today, he is talking about any country. what are the broader implications of this? could this expand? marty: it very well could. europe have juncker from coming tomorrow to truck -- talk to trump and try to diffuse the situation tomorrow to talk to -- watch for the results of those discussions. the longer-term issues as peter explained is the supply chain issues. if you are a company, you have think about about whether you need to permanently disrupt your supply chain plans if this becomes a

in 2007, just before the financial cry circumstances one of them was a tech -- crisis, tech.s a >> i think about things in such long term, like the thought of me understanding the short-term economics of 90-day terms and numbers that most of the viewers here play on, and the arbitrary nature and just the fact that we're playing financial engineering, not actually building businesses, in the macro, of course not. we're not going backwards. tech companies will continue to gain momentum. this is where we actually live, not here. and so in the super long term, no. in the short term, i have no sense if the market has overpriced these companies based on what the numbers that they can hit over the next 90 days, but, like, people aren't going to be watching abc and nbc over netflix. people are not going to be consuming newspapers over facebook. that is only going to -- we're just starting in that world. short-term economics and the way the street likes to play, that's up to all of you guys. but the danger in a five, 10, 15-year mack row, i don't see it. because -- mack row, i don't s

tech's been underper fforming a morning.will be right back i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head removes more plaque along the gum line. for cleaner teeth and healthier gums. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada for its effectiveness and safety. what an amazing clean! i'll only use an oral-b! oral-b. brush like a pro. looking for a hotel that fits... whoooo. ...your budget? tripadvisor now searches over... ...200 sites to find you the... ...hotel you want at the lowest price. grazi, gino! find a price that fits. tripadvisor. >>> on this bereaveuaabbreviate, we saw oil prices jump up to 75 for wti then take a little reversal and dive down .4 right now. but still elevated prices. higher gas prices, which americans are going to feel this holiday. >> ou

is tech what will save us all and will tech trump the trade war fears? >> hearing the eye of the tiger gets me fired up >> why wouldn't it. >> is tech getting you fired up at home? i would be cautious to think that tech is going to be resurgent. we're using technology and using tech as a place to begin to -- or not begin -- to continue this whole national security debate i think july 6th, we may have a protocol to follow through on these trade sanctions. it's not going to be a great headline guess what, it continues to test the 200, this is the part of the market that was leading and now it's struggling, i'm not excited. >> or the reverse of that, that it sold off ahead of all those trade fears and we get to see a little easing back which has been the script thus far i would be a buyer of tech i do think that you're going to see a bounce in the sector and in the markets as well >> i think rocky balboa is wearing that tie it's nice. >> most dependent on foreign sales. and semis within tech. even if they bounce the problem with the stocks, it's stuck at a

swings in tech. mosttwitter plunging the in two years on disappointing user growth as intel declines. insight from miller. where does the ceo of miller valley park see value? and growth keeps up as evidenced by gdp figures. we have the chart you can't miss and a look at how the fed will digest the data. the path ofst says least resistance is higher. that is the case for his fund which has outpaced 98% of its peers. bill miller is known for beating the s&p 500 for 15 straight years. he now runs his own shop and he is with us now in the studio. thank you for coming in. i want to start with technology. in the seen big low ups tech industry that have taken down the nasdaq. one of them is in your portfolio. amazon is. what do you make of what we have seen? it has to lead to the rest of the market but it hasn't taken things down. >> i naturally happy about facebook's decline. it wasn't a big position. when it was hit in the spring when zuckerberg was before congress it fell down down and we added the posit

, it could be the tech sector . i think it was nicholas tepper who wrote the book where he said where you have change, there are three ways. you can be fragile and just fall apart, or you could be anti-fragile and i thought brexit gives the tech companies the opportunity to thrive for example one of the issues we are looking at art in customs. what are we looking at a 19th century model of customs when were talking about future trade. >> one of my colleagues was checking everything coming to the country, stamping carbon paper copies all the time when actually with technology you can make a lot of these movements of people much easier. for example, why should we all do paper-based these days, especially when you have huge data sets where you can verify some of the data and put a lot of applications online and make most of this legitimate whether it's immigration or customs . you could probably do that much better with technology more efficiently. >> before we go any farther, let's bring david shepherdson of reuters i

tech was on a roll, then a time of volatility. you be watching for to set some benchmarks as to how the rest of the year will play out? >> one thing a lot of folks have mentioned is that the technology , large-cap technology, have become a safe haven play for a lot of investors looking to buffer themselves from the political, geopolitical, trade headwinds. they are looking to companies , as wellon, like apple as tesla, facebook, and others saying these companies are big enough to withstand these issues. they are still growing. wherere in a solid phase they can produce cash and profits as well. as long as they do that, more investors will flock to that. it is a crowded trade. andtions among hedge funds other investors, this is the place they are looking for safety right now. unless you get significant negative or pessimistic outlooks from these companies, i don't think this will change. emily: apple has been the one we have always talked about getting to anyone trillion dollar market cap first. earnings just look at coming up, mobi

but how is the rest of the tech sector faring?o sit down with the ceo of cypress semi, a real good chip company find out what's ahead for them stick with cramer. ♪ ♪ she a gold digger >>> with so many people worrying about rising costs and the possibility of inflation, with the yield on the ten-year treasury ticking slowly back to 3%, with the whole cohort of investors claiming we need to be afraid of a trade war, and the slowdown that comes from it, here is an important question. why the heck has gold been such a lousy performer? times of inflation, times of uncertainty, times of rising, gold is supposed to go higher, not lower. roughly 11% since it peaked in april. does this make any sense at all? head scratcher could gold be ready to make a comeback we're going to go off the charts to find out with the help of carly garner she is a real smart technician, and a chartist who works with me at real money who has a terrific track record when it comes to commodities. first off, let's be clear. despite all the hammering we hear about

>> that is a problem for the tech industry.f these businesses also learned very early on to open new offices in different -- and to work virtually across different younger fees across europe -- different geographies across europe, but also the u.s. a lot of the businesses we back have an ambition to go into the u.s. and we them achieve that -- we help them achieve that. that ability to open offices where you need to bring the talents together is there, and we think it is perfectly feasible. caroline: it is impacting london as a tech scene at the moment the lack of ability to move, to the physical place? >> nobody knows how much more could be going on in london. london is still getting something like three times the amount of investment that berlin or paris are getting, and i can say that as a frenchman. it's still extraordinarily lively here. there's an ecosystem of entrepreneurs, investors, and b usinesses ready to embrace those technologies as well. about london'sc future. caroline: you mentioned about how you back to company

is it a warning sign now for all of tech? here to debate that, joe terranova, steve weiss, the brothers jon and pete are here and mike wilson, the strategist. the dow is higher but the nasdaq and facebook where we kick things off this hour questions are whether the best trade for your money may face a dramatic reset i'm going to zero in on the brothers jon and pete, facebook ever big time -- what do you do now? >> i rolled up, as you know, as you and i basically called it after the -- with the senate hearings there and facebook ran from the 150s, judge, to 215. i said it was all about royal, which was revenue which was great. oh, operating margin oh, my, that's when the cfo comes on and decides i'm only going to burn half the money at the company. he comes on and says, you know what, we're going to take operating margin the next two years down to the 30s on a percentage basis it was almost 60 two years ago it's been coming down, we know that but this is a dramatic drop in the 30s, judge. that's when the fire got started and p

the fact of the matter that stock is in the tech universe. having its worst day ever. after this ca deal, which seemed to be a surprise to almost everybody. what are you doing with the stock as you take a look at it today with your team >> well, i don't own it. so any time i see a behemoth with a balance sheet like broadcom getting 18% erased in one trade, i have to go to work. i'm looking at this thing saying to myself, okay, ca is a dog i get it but if you look at tan's track record of taking really bad semis and slashing the costs out of them, as he aggregates small companies and squeezes cash flow out, i think he's looking at the whole idea of ca being an old crusty mainframe enterprise business and thinking, they have on-premise software, i can get the whacking stick out, cut massive cuts in cost, and then i can build a cloud concept on top of that. that's basically what microsoft does you are on your premise and use your cloud services. why can't ca get to that with a new leader i think over the weekend when the financial press gets into the story and smashes it

tech sector is worse.f you removed apple, the performance is even worse still. it doesn't -- i think it just doesn't have the word dynamic associated with it, it feels dull >> you mentioned 175, 180 as the price it could check back to, is that firm support. >> it would retrace the gap up >> i think it's important to mention that a few months ago, you thought it was going to break out above that, and it did, for all intents and purposes you've had a nice call here do you get nervous into the september product cycle? i mean, this is a stock that obviously. maybe that's what it's basing for as we get into new i phones in september >> that's a nice softball for me, remembering a good call. second, i don't know anything about product cycles, because i'm not in that i'm in the what business it's stalled what is the product cycle, is it going to get better or worse zm. >> i look at apple over the triple q's, am i doing something wrong? >> that's the catchup trade having basically underperformed so badly. >> that'

and president trump's china fight chills tech. what to expect from tech mna ahead.acebook's whiteout was the biggest in u.s. history. in the blink of an eye, hundred $20 million was wiped off a spokesman valuation, two thirds the size of black-market losses and larger than texas instruments. this all follows earning disappointment when, for the tech time since 2015, the giant missed analyst estimates on revenue as well as daily and active users. they remain the same in the united states and declined in to 279from 282 million million. guestse to multiple right after the results were announced. missed for the first time in quite some time. , and 11% in my world year over year increase for active users is still a win. so the headline is a little different than my own interpretation. emily: and look, they missed on these metrics, but not by a lot. -- investors over reacted overreacting? >> it is a historic day come it is a sign of a term. but also, this company is not hurting. but they didn't disappoint these of the expectations, and that in itself is historic. it is pr

so the tri-valley has been and continues to be set up for high-tech success.

a mixed picture in asia, digestive results from the american tech companies. around the world and that will drag the nasdaq down in the us. the picture in europe looks more rosy at the start of trading. looking across the atlantic, the big story in the us will be the release of the latest gdp figures. for the three months tojune. the predictions are for growth numbers not seen in years — which has been a key issue for president trump. paul blake has more from new york. right now our country is dying out 196 right now our country is dying out i% gdp. so at 3.3% gdp, i see no reason why we don't go to four, five, and even 6%. we already hit a 3.2 and i think we're going to be seeing fours. i think we're going to see fives, too. economic growth has been central to donald trump's message both on the campaign trail and in the white house. gdp numbers will be announced tomorrow sometime. i don't know what they are, but i think they're going to be terrific. and on friday, he may see a milestone he has long been waiting for. we're growing rapidly. i mean, you're going

the story is tech falling. .10% -- x down by all about the faang selloffs and tech on the downside.about dollar weakness. we saw the fx in europe green across the board. today was a story of bonds. yields go higher as we see that anticipation of normalization just starting to creep into the bank of japan. the bond market it really wasn't yields on the higher side in europe. this is bloomberg. ♪ ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi

ma'am. >> tech vo: saving her time... [honk, honk] >> kids: bye! >> tech vo: ...so she can save the science project. >> kids: whoa! >> kids vo: ♪ safelite repair, safelite replace ♪ you finished preparing overhim for college.rs, in 24 hours, you'll send him off thinking you've done everything for his well-being. but meningitis b progresses quickly and can be fatal, sometimes within 24 hours. while meningitis b is uncommon, about 1 in 10 infected will die. like millions of others, your teen may not be vaccinated against meningitis b. meningitis b strikes quickly. be quick to talk to your teen's doctor about a meningitis b vaccine. when we switched our auto and home insurance. with liberty, we could afford a real babysitter instead of your brother. hey! oh, that's my robe. is it? when you switch to liberty mutual, you could save $782 on auto and home insurance. and still get great coverage for you and your family. call for a free quote today. you could save $782. liberty mutual insurance. liberty. liberty. liberty. liberty.