brad from the goldman sachs tech conference. s gone up and down with the market, take a listen. >> we have seen the markets bounce back some, but i don't follow it day-to-day. isthe peak of the market over $800 billion. it dropped down to maybe 300 billion and today it is back to 450 or so. counsel for anyone following these markets is, do not follow it day-to-day. believe this is fundamentally a movement that is changing the nature of a new asset class, to measure that over month in years. there is talk about it being the next bitcoin. is that a benchmark for you? brad: i do not think it will be one size fits all. i think it coin increasingly is digital gold. it is a store of value. bitcoin will not solve a payment problem. the time it takes to confirm a bitcoin transaction on averages 3-4 hours. per transaction the fees are around $15 per transaction. that is faster than swift. in contract, x rp's 1000 times faster and cheaper. a sent toaction of confirming transaction and it takes three seconds to complete. i look at bitcoin a

emily: that was george john of coastal ventures at the goldman sachs tech conference. continuing look at how big tech plays the influence game in washington. just how airbnb won the right to operate in cuba. this is bloomberg. ♪ emily: nokia is monitoring the health of its fitness tracking division. they got into the health business two years after purchasing a friend start up for $212 million. the move allowed it to make and sell wearables connecting sleep trackers and more. struggledit has a since, losing $176 million last year alone. the review could result in a sale of the division as nokia as it tightens its focus on networks and patent licensing. now a story were following in the nation's capital. we are looking at how airbnb uses the power of lobbying to win big in cuba. back in 2014, then president obama began the process of restoring relations with cuba, but his successor has been calling for limits on american travel there and restrictions on commercial ties with the nation. but airbnb won an exception to keep operating there. how did it happen? to answer tha

the table. emily: all right, cory johnson, editor-at-large. thanks for breaking it down. we will talk about it all with heather bellini, goldman sachs technalyst. this is bloomberg, live from the goldman sachs technology conference in san francisco. ♪ emily: welcome back. the goldman sachs technology conference in san francisco. we have been hearing from twitter and square ceo jack dorsey. uber ceo dara khosrowshahi, coming up. i will speak with david solomon, coming up. heather bellini, i want to start with you on facebook. no company seems to be getting quite pummeled in silicon valley like facebook has been recently. unilever now threatening to pull their ads because of the platform being what they call a swamp for extremism and hate. how concerning is this? heather: so, i think if you are a chief marketing officer, you want to make sure that you are protecting your brand. brand safety is top of mind. it is not just for facebook. it is also for youtube with google. it has been experiencing the same type of feedback. i think maybe some of this might be a little bit overdone. i don't think that facebook and google are trying to create a

they told the goldman sachs tech conference that his company was in crisis and he has seen no lack of surprises. he wants to partner with more ridesharing company's and that over has more people than the aviation industry. global news, 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dollar-yen is to watch. pushing through 107. i want to pull up a bloomberg chart. 9511, you see the movement of the dollar yen. the correlation between the thread and the yen has pretty much been broken. the yen may see some freefall. where does it go from here? our next guest says it will be pretty quick. global markets, he joins us. you're saying it could go to 102. we had valentine's day yesterday and a lot of the iflar-yen remembers that every 14, 1994 we did -5% on the dollar-yen. based on the things we have with u.s. rates moving higher. he did not have to say it. >> is that a green light for them to push? >> absolutely. i think you take a step back. for dollar-yen, wanting to yen to weaken, you need bad problems in japan. we are econom

this ceo told the goldman sachs tech conference in san francisco that he joined a company in crisis and lack of surprises. he said he wants to partner with more ridesharing companies and that uber are ready moves more people than the aviation industry. jumped the most after is trading revenue rebounded with market volatility. the bank says the first six weeks of 2018 showed a strong start in market dependent businesses with revenue gains of 10% and its global markets unit at 18% in the asia-pacific. the ceo says it shows the last piece of his plan is falling into place. >> if you look at profits and the target we gave, we are 85% of that target after two years. at cost, 75% after two years. it is fair to say we will hit it. haidi: treasury secretary stephen mnuchin says the irs aims to close a loophole that hedge fund managers have tried to exploit to dodge higher taxes on carried interest. he told the senate finance committee the creation of shell companies prompted him to act. the guidance will negate plans to open shell companies in delaware. >> i have met with the irs and our office

coo david joins us from the goldman sachs tech office in san francisco. bloomberg. -- this is bloomberg. ♪ scarlet: we have breaking news for the president of south africa says he has been says hed to resign and will continue to serve the party as president of the bidding of the national conference party. he earlier said it was unfair him to party to push resign because they decided to replace him and said there was nothing that was wrong. .> a huge day today, 2.4% >> we should bear in mind, if you look at the performance we since november, you can see the significant rally we are seeing since the back end of in ther, a 20% rally south african run. a lot of good news. >> if you want to listen to the speech, you can go to live go on the bloomberg. he says he is not above reproach. wall street and silicon valley emerging at the conference in san francisco. the dealmaking summit includes presentations, panel discussions by some biggest names in finance and tech. emily chang is standing by at the event with an exclusive conversation with a special guest. emil

tech. former twitter ceo and cofounder ceo dick costolo joins us. former uber board member bill gurley ways in. why he sees a lot of promise ahead. our coverage this week from the goldman sachsechnology conference right here in san francisco. we'll hear from tech heavyweights throughout the hour including the ceos of gopro, ripple, and goldman sachs. let's kick it off with david solomon, goldman sachs resident and co-coo. david: the year is set up in a way in which i think it should be very constructive for m&a activity and ipo activity. ipo activity started to pick up toward the end of we have got a 2017. very healthy ipo backlog, but we also have an environment for a variety of reasons why meeting for a8 should set up strategic year for m&a. private market valuations, are they healthy right now? i think private market valuations have heightened the bit over the last 12-24 months. capital has been tighter for private market funding. i would not say that valuations are bubbly. in an environment for the last five years where growth was sluggish investors were looking , for a place where there was growth, and silicon valley is a place where there was a lot of growth. when you

tech. former uber board member weighs .n on life after uber why he sees a lot of promise ahead. to our lead and our coverage from the goldman sachsechnology conference. we will hear from tech heavyweights throughout the hour , including the ceos of gopro, ripple, fireeye and bill girly of benchmark. let's kick it off with david solomon. >> the year has set up in a way that i think it should be very constructive for ipo activity. ipo activity picked up a little bit toward the end of 2017. we have a very healthy ipo backlog, but we also have an environment for a variety of reasons why 2018 should set up to be a pretty active year. are they healthy right now or are they bubbling? >> i think private market valuations actually have tightened a little bit over the course of the last 12 or 24 months. capital has been a little tighter for private market funding. i wouldn't say that valuations are bubbling but there is no question that in an environment for the last five years where growth was sluggish, investors were really looking for a place where there was growth and silicon technology was a place where there was a lot of growth. it i

the play. see bank of america and citigroup and goldman sachs up 2%. a quick peek at the tech stocks. also doing very well, apple, microsoft, ibm. with up arrows. they expect volatility to continue. trish. trish: lots of volatility. you know it is good in some ways. it gives people opportunities to get in. thanks, nicole. keep checking in. with more kaltbaum capital management, gary kaltbaum. janney montgomery scott chief strategist, mark luschini. gary were you surprised with the cpi number this morning? >> no. i've seeing inflation tick up. moderate amount of inflation is not bad, but a lot of inflation is bad. i'm not sure we're there back. as far as markets i have thought a low was put on friday this is looking like the low. you're getting strong action in financials, commodity, and growth high beta names are just rolling in here. so i don't think revisiting those lows anytime soon, i'm not sure we get to highs anytime soons but maybe we back and fill this is good action and quite surprising if you ask me. trish: unless you get more reads on inflation that suggest this wasn't a on

get the latest on bloomberg politics in your inbox every day. sachs coming up, goldman techin san francisco. a quick reminder that you can catch all of our interviews on the bloomberg with the flexion tv and five breaking news and charts and related functionality discussed on the program. this is bloomberg. ♪ >> it is 2:00 p.m. in new york. i'm scarlet fu. julia: i'm julia chatterley. welcome to bloomberg markets. ♪ scarlet: we are live in bloomberg world headquarters in new york. here are the top stories we are covering. price check. u.s. stocks chasing off inflation worries. what the latest data says about the strength of the u.s. economy. jeff bezos goes to washington. how amazon has the stop its lyrical influence machine. the rise of volatility rates. -- could not be more pleased with performance. let's get to u.s. markets. market opened, it was a cpi report that set the tone. it has been the opposite of the initial reaction. futures fell sharply after the cpi came in better than estimated. julie:

one could argue that the valuations are stretched at all >> and you have a buy on apple, robert we have this report out from goldman sachs today that apple is least loved of the techompanies among the hedge funds. why do you that i is >> i think one of the worries that people have had for a while with apple is they're already so big. you know, how can they continue to grow? their challenge is you're pushing $270 billion in revenue, how do you grow that big a top line but i think with apple, one of the most interesting things is they are continuing to grow. i don't think they're going to grow at the rate they have historically you know, the numbers are pretty darn big but i think we're going to see the best iphone growth this year than we've seen in the last three. then they're growing in services and they're starting to grow in other products so it's, you know, a model of selling more to the customers you have and apple has, you know, the best customers out there they have the high end demographic that spends. >> larry, quickly, i know you're big on the gaming business amd moved side ways for the past year though its rise in chip is popular. nvidia has been hot. w

the weakness is in financial and tech stocks. goldman sachsvelers, ibm, american express, in the negative. >>> auto on pace on a three-day losing streak and consumer reports is out with top picks in the sector phil lebeau joins us with is that report card. >> this is a highly happied report primarily because it doesn't hold back in saying here's who is doing well and here's who is not. the number one brand, genesis, the luxury line of vehicles from hyundai. genesis, according to consumer reports, represents luxury with reliability. this brand really wasn't launched until 2015 by hyundai the bottom three according to consumer reports land rover, jeep and fiat. we'll talk more about those in a minute want to talk about chevy bolt. consumer reports made the chevy bolt the all-electric chevy bolt, a top pick as its top pick for compact green cars it points out the fact that, look, if you're looking for something that's affordable and has long range when it comes to an electric car, not just 80 or 100 miles, the bolt is the way to go. take a look a

stocks are -- the tried-and-true, high-growth tech names are the ones that will continue to lead wilford search goes overweight on amazon. they go to outperform. 2000 is the up side. goldman sachs put out a list what is at the top amazon next facebook, what's on it? microsoft. what else? baba these are great growth stocks, you can make money on them if you're a value investor, you can find the intels of the world. the ibms, steve, hold your tong for a succeed. the growth is there, and yes, steve, ibm as well now, microsoft, by the way, is right in the middle. along with google, along with facebook these are growing stocks my point being is the reason technology looks so good is there's something for everyone, for every style in investing it should lead absolutely love that. >> go for it i defer all my questions to warren buffett, who exited the position. >> tech is running the world at the end of the day fidget out what you like and get in you got to join them at some point. you look at the last five years of that stock, where it's righted right now, like mine roe soft three years ago >> sorry, go ahead. >> finish your point. >> if you asked me, do i think they're overvalued, v

i'm emily chang and this is the "best of bloomberg technology," where we bring you all of our top interviews from this week in tech. coming up, we will hear from goldman sachsresident and co t -coo. dick costolo joins us. former cooper board member -- uber board member bill gurley joins us. first tour coverage from the goldman sachs technology conference right here in san francisco. we will hear from technology heavyweights over the hour, including the ceo of gopro, ripple, and goldman sachs. >> the year is set up in a way in which i think it should be very constructive for m&a activity and ipo activity. activity. we have got a very healthy ipo backlog, but we also have an environment for a variety of reasons why meeting should set up to be a pretty good year. >> are private market valuations private -- healthy right now? >> i think private market valuations have heightened the months. the last 12-24 capital has been tighter for private market funding. i would not say that valuations are bubbly. environment where growth was sluggish, investors were looking for a place where there was growth, and silicon valley is a place where there was a lot of growth. you

i'm emily chang and this is the "best of bloomberg technology," where we bring you all of our top interviews from this week in tech. coming up, we will hear from goldman sachscooper board member -- uber board member bill gurley joins us.

the nba tech summit and what ted leonsis has to say about the future of these sports. next. and all the best interviews of the week including conversations from the goldman sachsin the bank president and co-ceo, david solomon, and bill gurley of benchmark capital. and in the saturday for the best of "bloomberg technology". this is bloomberg. ♪ before,s we mentioned industry leaders and sports, media, and tech can together in los angeles to start the nba all-star weekend to lunch the tech summit, and our bloomberg editor at large cory johnson spoke with ted leonsis about the -- e-spo the sports bas rts. take a listen. years old,tually 60 the crt, they wanted to show it , and the scientists created a game called tennis for two. pon was the precursor for g, and would watch your bud dies playing pong. late 80's and early 90's you could get connected, and once you get connected and competing with one another, and professional league is the natural growth. the amazing thing about the momentum here is that 4 billion people connected to the internet -- only 3 billion in the united states, so we have become a small player in terms of internet traffic and connectivity.

tech or love all of whatever. now looking more towards some of the fundamentals. looking at price to earnings ratios. the other thing brought it my attention that goldman sachs actually said the pullback also coincided with the blackout period for share repurchasing. and that likely intensifies some of the declines. that being said we're also taking a look at some other movers here. looking at winners on the dow jones industrial average, which right now the 473 points, apple up 4%. 162.83. american express, boeing, cisco. not back to where we were a couple weeks ago but still up arrows nonetheless. looking at infrastructure stocks, this comes on the heels after president trump talked about $200 billion in spending over the next decade for highways, airports, and the like. so that is really boosting this group. u.s. steel up almost 5%. last but not least, as dollar drops we're seeing commodities higher just slightly. energy stocks are higher. don't forget, down six days in a row. that was obviously an intense selloff. they fell below 59 on friday. the longest losing streak in 10 months. higher by 27 points, the oil, the commodity itself. back to you. trish: t

tech. looking at dow 30 if we can show you a shot. maybe not. you have a financials, technology, moving higher. well, not entirely because goldman sachs is actually in the red. walmart in the red. merck, united technologies. you know, investors are coming to grips with inflation that may be bigger than anyone expected. as well as volatility that is bigger than anyone expected. you have the fear factor, the vix above 35 this week. for more on what traders are seeing, how it will play out into the close because you're seeing these wild, wild swings, liz claman has been down at the close of trading all week long for the final hour. it could be another crazy one. >> it could be. look who i have with me. don't do my show, trish. he is always too busy. peter tuck man. trish: tell, peter i said thank you. where he is going? >> he has been here, trish for 32 years. >> i was four years old. >> he was four 1/2. but peter, compare this absolutely insane oscillating week to the past dramatic weeks we've had in your past? >> look i've been here since 85. i was here in the crash of 87. clerked then. was here for "brexit" and trump election. this has been most excitin

the age of 25 today. while competitor snapchat will be adding more in that age goldman sachs heath terry joins us as goldman kicks off its annual tech conference in san francisco. thank you for joining us >> thanks for having me. >> let's just start with snapchat of course, there's a lot of excitement about its latest trends how much room do you think it has to grow here is it coming at facebook's expense? >> i think there's a lot of room to grow in terms of the size of their user base. they're one of the smaller platforms out there, particularly among the public platforms. we think the messaging functionality of the platform has incredibly wide applications and we think the effort that content producers have in terms of using snap to deliver content has a lot of room to go. so, you know, given the size of the social media audience out there and where snap's starting from we think there's a lot of runway. >> is it going to remain niche the shares are under 19 bucks. where do you see that valuation going? >> we've got about a $26 target on snap. it's largely based on the value of that -- of the platform you look at the scarcity here.