tv Bloomberg Technology Bloomberg January 8, 2019 11:00pm-12:00am EST
♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, ibm taking center stage at the consumer electronics show. we will speak to the ceo about the company's next step in ai and quantum computing. plus, tech pain spreading as samsung shares apple's misery. softbank is investing another $2 billion in we work, but a lot
less than the $16 billion softbank plans to spend on a controlling stake. we will dig into why. first, to the top story, the world's largest tech expo is underway in las vegas. tuesday's opening keynote was delivered by ametty. she talked about how it is impacting business and the client is big and diverse as exxon and walmart. we spoke with her after she delivered her remarks and talked first about ibm's relationship with delta. >> we had a great conversation at delta. we have done a lot of work together. it boils down to all of the different ways you can make the flyer experience better. everything from recognizing who we are and your history without saying anything. if your flight is canceled, all of the work we have done to build a strong datalink and say not only here is what you should take, but predicting what is the right compensation for the right system.
at the other end of the spectrum, it is maintenance. the other side, we had a big announcement on weather. we have had the most accurate local weather and we will be able to predict turbulence an hour in advance. think about that from safety and, if am a pilot, fuel and being able to have a flight path, instead of the captain saying let's come on and figure that out, it's known in advance. we cover everything from impact by whether which is the number one factor on all industry. whether, customer service to maintenance and operation. emily: when it comes to ai, on the one hand, there is concern about an ai apocalypse or ai threatening humans. on the flip side, some would say ai is not living up to the hype, isn't living up to expectations. which is it?
ginni: i don't think it is either of those. i got a chance on stage to cover and really give people a way to look at ai in a broad spectrum. if on one hand, what people talk about with ai like a human brain, general ai, that is decades away. on the other end is narrow ai, it does one simple thing, does it great, but that is the only thing it does. we want to get the world thinking about the broad ai, think of it like this. broad says i'm in a domain, but i can learn something next to me. so if i am an insurance company, i train my claims own although the roof types of the world. i have to do a lot of training on that. i have been trained on roofs. this to me is what helps them bring the promise of ai alive.
when you hear people talk about am i getting value yet, such a huge amount goes into training and collecting data. so much of what we are doing is trying to narrow that down so you get that value faster. emily: you unveiled a new high position hyper local weather forecasting system, the next step in your acquisition of the weather channel. you have unveiled a new design for your quantum computers. all of these things sound cool, but how to the add to the bottom -- how do they add to the bottom line? ginni: we are the weather app on your phone, almost every app around, when you hit weather, that is us. that is a very good business as well. when we talk about a offer clients, data, you have to prepare the data. that's a good business. in quantum, what you are asking is was th -- what is the timeframe until quantum produces results? we are probably in a two to five
year time frame where you see commercial businesses doing commercial application, which means revenue. emily: how many quantum computers do you expect to sell in the next two years? ginni: that's a good question. don't think of them that way. these quantum systems are a capability you offer on the cloud. it's about today, 7 million experiments have been done. it's worth noting, because quantum doesn't replace other kinds of computing. the reason it is on the cloud is that it operates at something colder than outer space, so we will offer it to be in the cloud. today, 7 million experiments, over 100,000 different people preparing. when we introduce what we say -- when we say it is the system, humans can write programs to it, there are languages out. we have been going to a phase to prepare for this. exxon mobil is talking about how to more effectively think of it to create different kinds of fuel and chemistry.
what quantum is going to get out for business, anything you do today that is approximated, and i don't think people realize how much is approximated. when you say how many will you sell, it is really about usage because it is offered over the cloud. that is how it will be. i said already, 7 million experiments and there's a network formed. the real issue is an usage and what you get then. emily: trade talks are ongoing. we're starting to see real impact on u.s. businesses. even apple blaming poor iphone sales in china on trade tensions. ibm doesn't manufacture in china, but how is the broader economic downturn affecting ibm? ginni: the big picture on trade, i spend a lot of time, and we all really believe trade ought
to be responsible trade and what is out there. we would always prefer people to engage in dialogue, and resolve these issues. trade is good for all of us. in fact, it creates jobs. history shows. what i've seen, i've begun to see a difference in how clients are looking at what they want to a cop was with technology. if i looked over a long arc of time, you see a lot of focus on just innovation. i see a much more balanced requirement from clients on innovation and productivity. that's in response to an uncertain environment. emily: you are on the president's strategy and business council, which disbanded, but you wanted to continue to engage with the government on issues like taxes and immigration. on the day the president is supposed to get a primetime address, have you found engaging with the administration to be productive? ginni: i've always believed in a matter what government,
including our own, it is about engagement of our policies. we have productive engagement on things like skills and education. we have accomplished great things. something called the perkins act, creating a society where you value skills and not just diplomas. that requires a lot of policy change, because if you roll back to your initial questions on technology, the number one issue for our society is skill. it is retraining and people coming out with fresh skills. it's why there are 7 million open jobs and 6 million people looking, but not a match in skills. we have found a very receptive audience to dance things like apprenticeships. we need to put focus on how do you get an environment where people can participate in new tech and it does not always require a four your college degree. i talked about this. more about this at cbs. we call them nontraditional,
someone who is a six-year highschooler, 200 of these going on, that is an example of an area i found to be productive discussion. emily: there has been a lot of volatility in big tech. hundreds of billions of dollars wiped off of the market cap of apple, facebook, and even ibm has been hit. what is your outlook for market sentiment, investor sentiment around big tech in 2019? ginni: i will certainly let you work on the market sentiment piece. i will circle back to my point on what i see clients wanting and what big tech is looking for people to do. i look a year or two ahead of us and i think we will see clients that will solutions bring them productivity and innovation. that is one of the best things i think ibm does. emily: we will bring you more
from our interview with ginni rometty later in the show. facebook got a vote of confidence from jpmorgan tuesday. the firm called facebook one of its 2019 best ideas, despite negative investor sentiment over data privacy. telling clients a "compelling valuation and accelerated earnings growth" will help pass the scandal and controversies. coming up, samsung falls in line with global tech stocks after reporting an earnings miss in the fourth quarter. if you like bloomberg news, check us out on the radio. listen on the bloomberg app, bloomberg.com, and, in the u.s., sirius xm. this is bloomberg. ♪
emily: samsung is feeling apple's pain. quarterly profit and sales missed estimates. trade tensions and a slowdown in china hitting samsung's memory chip business. this happened in the same period apple reported lower sales in china. let's bring in alistair barr and selina wang. samsung is perhaps vulnerable to what is happening in the broader economy, what is happening in this trade war. what are the highlights? selina: it's not just apple. it's overall slowing demand. as a memory chip business that has been suffering, weaker demand across the board as well as lower prices. the second part of it is the stagnating prices. they are betting on the next phone model of samsung which will include 5g technology.
they have this full double smartphone this year. on the chip business, it is lower because apple is a key customer and they have lowered their guidance for the year. there is also the trade tensions hurting demand for these companies overall that would be buying their memory chips. emily: the memory chip business is the line share of their profit. alistair, does it seem apple has been hurt more since samsung? alistair: i think it does because the slowdown in china has been sharper than people expected in recent months. apple depends an iphone sales, especially higher ones in china. samsung is a much broader based company in it that they benefit a lot from cloud spending when they need servers to boost their sales, they buy memory chips from samsung. maybe in about a years time, it's will be an inventory
correction and analysts are hopeful the market will firm up in about a year. showing have a chart samsung revenue regarding korea gdp. it impacts the korean economy. selina, talk to us about how the trade talks and potential progress there could impact a company like this and its fortunes? selina: we are just hearing today negotiations are constructive, and going well, but we have to remember these are early days. these are mid-level discussions. everyone is working toward the march 1 deadline. it seems far from being reached. overall, we are seeing the trade tensions are impacting the u.s. and chinese economies. that is elevating the incentive of both sides to reach a deal. that hurts samsung because as we were talking about earlier, they
have tentacles of across the technology industry. the broader hit on consumer sentiment and the broader slowdown of their economy, that is weakening demand for overall products and the memory chips being the line share of samsung's product. emily: we spoke with the qualcomm president who said they are not seeing a pronounced slowdown in china. take a listen. >> as far as our business is concerned, we are not impacted, since we are not part of the new apple phones, as far as our business, we are not in a position to be providing financial guidance. i would say we are happy with china. china has been a good story for qualcomm, and we expect it to continue to be. emily: that's interesting given what apple has reported, now what we have heard from samsung and bank of america came out with a note saying we may be seeing an informal boycott among chinese consumers of u.s. products.
how do we square this conflicting information? alistair: if the idea's true, you have android-based phones from the likes of hauwei and those types of companies. qualcomm is the major provider of any type of company making an android phone. if indeed iphones are being shunned for whatever reason in china, that could indeed bode well for injured phones and for qualcomm as well. emily: you have tim cook on cnbc defending apple saying he thinks the apple ecosystem is underappreciated. he is someone you don't hear from often. what do you make of the fact that he is out there trying to tamper this bad news? alistair: i think the decline in the shares quite shocked investors, and i think the revenue miss was quite a shock too. he has to get out and defend the
company for sure. from an operating perspective, apple is doing very well, very solidly. the big question i always have is that a lot rides on the new services and apple has not proved that any service, like apple video services, will do better than netflix. emily: in the meantime, samsung is indicating the rest of the year will be better as new smartphones launch. also, this year we watch the rollout of 5g. take a listen to what the ceo of lg had to say about that. >> less and less people want the same kind of phone all over again. i'm hoping, and i believe 5g will be the turning point.
emily: do think 5g could be a turning point? selina: i spoke with the samsung chief innovation officer and he cap saying all of the innovations that could be built on top of 5g. samsung also creates not just smartphones but these connected home devices. they want one software suite to speak from your phone to your refrigerator, to your thermometer. samsung has a grand plan of how they want all of their internet connected devices to work together. in the first half of the year, it is expected to have demand, but in the second half of the year, as the have -- they have the new rollouts and 5g isn't lamented, they can capitalize and increase their consumer electronic businesses and memory chip sales. emily: we reported apple is not betting on 5g. at least not this year. let's talk about another story. sarah frier, our colleague writing the story that, on
samsung phones, if facebook is preloaded, you cannot delete facebook. selina: it's a little more nuanced than that, but consumers overall, everyone is much more concerned about what type of data are the services taking for me. these are not free products. what are they getting from the app even if i'm not logged in. in the early days, facebook and, not just facebook, other companies have had deals with many phone providers to have preinstalled apps on some of those devices. as a very important question that raises in the story, if you can't delete these apps, what type of data are they getting by nature of being on your phone. she has spoken to many frustrated customers of these phones saying i want to get facebook off of my phone and i can't delete it. it's a frustrating conundrum. many of them are complaining about this on twitter.
emily: [laughter] facebook is saying if you deleted it, that does not necessarily inspire trust even everything happening over the last year. thank you both for stopping by. coming up, tesla board member, larry ellison, increases his stake in the carmaker. that makes in the second biggest investor after elon musk. "bloomberg technology" is livestreaming on twitter. check us out @technology, and be sure to follow our global news network, @tictoc, on twitter. this is bloomberg. ♪
the rollout will coincide with the rollout of a semi-truck by tesla and that will stoke competition at a time when demand in north america is expected to soften. sales of the ps4 gaming console are slowing down as the product nears its end of its life cycle. sony reported the company sold 5.6 million ps4's between november 19 and the end of the year during the crucial holiday season. the numbers imply it may miss its annual target. coming up, more highlights from ces including our interview with ibm ceo ginni rometty. plus, verizon is determined to win the race in 5g. our chat with the verizon ceo this hour.ter this is bloomberg. ♪
♪ emily: this is "bloomberg technology." i'm emily chang in san francisco. back to our top story. i.b.m. c.e.o. delivering the opening day keynote in las vegas. she has spoken about how big consumer tech companies need to do better when it comes to building user trust. the weather channel app is being sued for being misleading users. how does that differ from the likes of facebook and google? ginni: i have been very strong on this. when it comes to the weather app, we're very transparent with the data.
you collect and very clear about the policy. very simple by the way to deal with. but i think the other point most people don't understand and a big difference, if you ever noticed on your weather app we don't have your name. you don't log in. there is no credentials associated. this is about getting weather at a location. that phone getting weather for where that phone is. that pretty much says it all. emily: do you think there's fundamentally something wrong or misleading about the business model some of these other companies like facebook and google? ginni: i think what you have to be -- again, c.e.o. i have to spend time on it this morning. as we bring in these new technologies, one of the things i talked about was skills. we just had that conversation. one of the most important things. the other thing is being principled about the usage of data. so on one hand it's a purpose. put that aside. the second is on the ownership of data and derivative insights. just have to be clear about what
those are. so that people know. i think i start with the point that the value of that belongs to the owner. and that, therefore, you're very clear with what you get in return for it. it's about living up to a set of principles and being clear about what they are. that's what i think the entire industry does need to do to be clear about. as well as one step further, because we're entering an era where things like a.i., you have to explain t how to make a decision? you have to be sure it's not biased. these are all layered on top of each other. i would believe every company step up to their responsibilities voluntarily. emily: you mentioned the apprenticeships you are doing to close the skills gaps. i.b.m. is facing lawsuits about age discrimination, firing older workers. are you concerned this is impacting your reputation, ability to attract people? ginni: we get 7,000 resume as day.
as a company, 10 years old, what we have gone through is how to update and reskill our entire population. this is always, always been about skills. there is not a difference in age. i was just sharing with my colleagues, we were comparing notes earlier today, all of our rekilling, there is no difference in age on how people do on this topic. this is not about age. this is about people having contemporary skills. 7,000 resumes a day we're getting the best out there. emily: i.b.m. red hot in a massive deal, $34 billion. are you confident there won't be another bidder between now and when the deal is expected to close? ginni: look where we're at. moving along just as we planned on this. i think what we did here is a very fair evaluation. as we have been through that and very complimentary with red hat. that has a lot to do.
it's a good value proposition both for their shareholders. more than anything i have to tell you we heard from so many clients, i heard it from all the clients i was with this morning, about the positive transaction this is for them. this isn't just about whether it's us or red hat. it is together what we bring and both a complementary nature. for red hat to grow what it needs as well. we bring a lot of services and the ability to handle in-depth those top clients. which sort of growing company that's a roadblock for them. together we really, i think, one plus one is three in this situation. it's progressing as we think it should. emily: with all this technology that could can also mean opportunity, lower valuations. will we see any of that? ginni: we're right now have all our focus on this one. doesn't mean as we said, we will certainly continue to keep can open, keep looking at things. you bet.
i'm very comfortable with our capital allocation plan. emily: you are talking today about how some of these are practically impacting business. paint the picture. what will it look like in five years? ginni: i think what i.b.m. look like, think of three pillars. both about technology, innovation. which today we were also for the 26th year in a row number one patent innovator. technology innovation, but married with the industry expertise and underpinned by trust and security. we will continue to be the one that for the enterprise both works for mission critical work, but i think you and i talked about this, taking data and how that will transform any company. we are at the very beginning of that. you can tell by all of the discussions out there. it will be as you go back in time and step back, there was a whole era driven in technology by processing. everybody got better.
we have been through a period now, which will continue, about the network effect. you talked about a number of new companies being born. this next era will get driven by expertise. that's all driven by data. that will pervade every single thing you do. this is really this expertise idea whether it's a.i. or forms of block chain, the technologies will keep changing. but it will be who got that expertise. that's what we will be the best of. emily: our conversation now with i.b.m. c.e.o. ginni. we continue our coverage. catching up with the c.e.o. iheart media about the health of the company and advertising on radio. why the conglomerate steps back on a controlling stake. this is bloomberg. ♪
emily: last month, iheart media and clear channel ended their long divorce. making it a leaner company that can capitalize on radio broadcasting and attractive target for potential buyer. bonnie caught up with the chair to talk about the health of his company. >> there are two aspects to it. i think one doesn't have to do with bankruptcy. which is that splitting the outdoor company from the iheart media segment, which is primarily audio, allows us to align the companies better for investors. what we found was the investors that really love outdoor are not necessarily one that is love audio and vice versa. we have now got some pure plays
for them. and i think from an operating standpoint we have actually done remarkably well even with a high debt load. but i think having a balance sheet which finally matches the operating performance of the business it certainly gives us a lot of opportunities and lets us take advantage of opportunities more quickly as they pop up. >> you mentioned it's such a trusted medium also needs advertising. i'm curious your results on the future of advertising on radio for iheart? >> sure. if you think about the ma crow picture, technology really hurt the tv business with consumer and the advertiser. with radio it helped us with the consumer, alexa, we're now on 250 platforms. digital radio, etc. but it did hurt us with advertisers because no one wanted to buy advertising or not as many people wanted to buy advertising the way they traditionally have. google and facebook ushered in a whole new era of data, reaching consumers, finding where they
are. measuring attribution. the past three years for us have been building out our capabilities to match that. we have been rolling out this year and will finish it in 2019 so that now technology helps us with advertisers as well as the consumer. >> would you receiving into a larger entity, if you had one wish for 2019, what entity might that be? >> for us we have a great future. i think as iheart i'm not looking at that. that's not on a wish list. we do recognize once this capital structure is fixed we'll be attractive to a lot of companies and a lot of companies will want to partner with us and look for ways to be involved with us. it's understandable and i guess it's flattering. emily: bob pittman. speaking with a continuing topic
of discussion, while we're still more than a year away from a fully functioning 5-g network, verizon is working to pop up its speed to differentiate itself from others. we caught up with the verizon c.e.o. hans vestberg to talk about the race to 5-g. >> we had to pair off for doing the five year old. our first use case of 5-g. we did that in four states only in the beginning. they are having and we're are guessing that the performance as expected. we're happy with that. as soon as we get the next generational equipment, basically the home routers, we'll continue the rollout of the 5-g home. we're very happy with outcome so far. >> eventually this will go nationalize as well. step back for a moment and give us for end users, what does that mean for their existing experience versus new service that is they'll be able to tap?
>> i think that we need to realize that 4-g to 5-g is a quantum leap when it comes to speed. many of the capacity of 5-g with capable for industries. if you are the consumer you'll see a totally different -- we'll see gigabits. in the 5-g home right now, we're committing to minimum of 300 megabits per second with wireless. with much higher numbers. it's a very much different through port. compared for 4-g. the whole system has to be there. the infrastructure which we're building. then the handsets or c.p.'s for the home, etc. we're working on that. we'll roll out quite a lot here in the first half of 2019. >> also very exciting for consumers.
my question to you, at&t, your competitor, plans to introduce an interim 5-ge service to mark the transition. to what extent does that set soft expectations for mobile customers and understanding of what 5-g can entail? >> what they are going to talk about is the eighth different capacities. i call it currencies, that 5-g is giving in the future where we're building out the network. we're building all our network we prepared for delivering those eight currencies. and we want our customers feel that quantum leap from 4-g. we want them to feel the same when they went from 3-g or 4-g, this will be even bigger. of course we'll work with enterprises because they are going to benefit it from. some of the things that 5-g is bringing out is lower power consumption. maybe a tenth of what we're
doing. there are so many other things. that's what we're building the network for. enabling all those type of capacities over the 5-g. >> you are talking about the infrastructure needs. scarlett brings up great point, it's almost you against china. look across china for example, they have a national focus on 5-g infrastructure on 5-g use, on winning the battle for 5-g ahead of the u.s. is there a risk that this free market focus the u.s. has will leave you behind china? >> we have a focus and i'm very confident the focus will be the number one. we're first on the 5-g. we're going to continue that. we have always been on the leading edge on technology. we have been working with 5-g for many years. so many more things you need to do than only having the equipment. you need a loft fiber. you need real estate close to customers. all of that we have been building for years. i'm not worried about that.
obviously, $2 billion is a big step back from $16 billion they already invested. what does this signal? >> it signals that softbank can do everything it wants to do. late last year, they had this plan. we're going to take over wework. we want to be wholly invested in this business. we want an ownership stake. and then the stock market went haywire. softbank shares in particular have taken a dive. 20% in the last month. and there's giant $100 billion vision fund. investors in that weren't too stoked on the deal so they couldn't get it done with that huge cash. so they did what they could with the money they had available. emily: skepticism at wework or the wecompany? >> certainly there must be investors in the vision fund that are not -- don't have full
confidence in wework at least in terms of doing a full takeover. we should also remember that softbank now has put something like $10 billion into this company, which is a lot of money. it's a big vote of confidence in the business, which has been expanding very rapidly. still losing a lot of money. they are buying up a lot of leases and doing some interesting things. emily: let's talk about some of wework's challenges. rents are going down. right? >> this is a business that really has only existed in a bull market. in a market where real estate prices have only been going up. now we're starting to see -- and the c.e.o. of wework said that they are seeing declines in leasing prices in almost every market. emily: pushback from landlords. >> which we have written about. they have grown to the size where they can no longer maneuver around the edges of the
real estate business. they are in -- in manhattan for example, they are the biggest leaser of commercial real estate. emily: part of the wecompany there is wework, the office rental business, welive which is communally designed apartments. they only have a couple of those. and wegrow. they run an element school in new york. how optimistic are investors about these other two lines of business? they sound good but they are still small. >> for a lot of people who invest in private technology companies, they are very optimistic people. the prospects of some dude to have no experience in school to go and reinvent the elementary school, there are people who believe in that. clearly the c.e.o. signaling here by trying to change his name -- although they haven't -- they are trying to signal they want to be more than just a co-workering business. emily: all right.
thanks so much. keep us posted. on the we company's evolution. last year, i.e.c. once mighty about.com got a new name dotdash. the rebranding took the site and transformed it into verticals range interesting health and food to personal finance. now it is taking on beauty. dotdash announced two new acquisitions, clinique's digital beauty brand, birdie, and women's lifestyle property, my domain. ed hammond sat down with the dotdash c.e.o. two discuss. >> i think what you see in beauty in particular is a lot of the other sites are just jumped up, too many ads, and too slow. we build sites who have fewer ads, great content, and fast. it's a very simple mix. >> concurrently, there's also some news you around dotdash becoming standalone and reports the numbers up. >> we have done pretty well.
we started with the kernel that was once about.com. 1996 founded. at one point we were the oldest and worst site on the internet. but we took from that kernel we had a bunch of brands, in health, personal finance, home, food, we're adding beauty. we have done well over the past couple years. the fourth quarter announced is going to include us as a separate entity for the first time. ed: historically, they have gone on to become popular companies in the i.p.o. route. what's the time line? neil: you'll hear joey, i know you have spoken to our c.e.o., there is never a timeline. part of the reason dotdash has worked is because it's a time when it feels like every other publisher is struggling.
a bunch of bad ideas, not doing so hot. guys cannot make the transition from legacy. we had all of those issues but we had patience and time. i.a.c. had patience and time to let us turn us into a very viable publisher, one of the most exciting publisher in the business now. there is no timeline for this. it's a small acquisition. it is a signal to the market of where we're headed with this. there is a lot of optimism what we can do in publishing. think the narrative around the market is wrong. ed: which is what? the narrative around the market is advertising base revenue model in the publishing industry is broken. yet, that is the model. how do you improve on it? neil: it's interesting. i think there is a lot of people better overthinking this. we're doing really well for advertisers because we have websites that have really great content that people trust. that are really fast. that actually have fewer ads than all of their competitors that makes advertising performance well. the problem we had with dotdash
was we had no leverage over our sources and no leverage over our advertisers. how do you get leverage over advertisers? you put forth an offering that performs. when you have great content, few ads are doing very well. particularly when your content is very targeted in content. people want to buy from us. it works. it's not that complicated. you make beautiful content on sites without too many ads that are fast. people like that. it just works. ed: you have gone from about $50 million to $80 million. neil: we were in the mid 40's, mid 40 million users. probably lower. i think in the most recent month, it is in the mid-80's. ed: talk about the others, e-commerce. particularly with these acquisitions, does that open the door to selling products or at least linking sites that do sell the products? neil: everything we do is based on trust. people have to trust our content.
in the categories we're in, finance, i trust you to help me or a lot of trust. i trust to help me treat the diabetes. it lends itself toward commerce. we can talk about things in very specific articles about commerce and help people decide what to buy. they can click and buy. it is an affiliate commerce model. we have had success with it. in beauty, there is obviously -- if you are helping somebody with an insulin pump it's different stakes than figuring out what makeup to get smokey eyes with. but we have a real opportunity to recommend to people who trust us things they can buy. vogel, c.e.o. of dotdash with our deal reporters. that does it for this edition of "bloomberg technology." check us out @technology and follow our global breaking news network on twitter. this is bloomberg. ♪
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