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tv   Bloomberg Technology  Bloomberg  January 14, 2019 5:00pm-6:00pm EST

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♪ in san i'm emily chang francisco and this is bloomberg technology. intel's board r, has been searching for a new c.e.o. for more than six months we'll clock is ticking, talk about who is in the running not.who is plus pg&e's looming bankruptcy, 11 in cam in pter he wake of last year's deadly wildfires could start a chain of
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events. , we'll conomic downturn talk to one bullish investor in beijing. seven months since brian was ousted of c.e.o. of ntel and bob swan has been filling in for him ever since, intel's interim c.e.o. has said the fulltime nt job. according to sources, some of the top names that were on the longer in thee no running, names like former intel james, former c.o. o. what challenges are next? e have ian king who covers intel and the managing director and senior semiconductor analyst. start with you, who are the frontrunners? we shouldthe problem, know, prior to intel's history has a regular program of bringing talent and people to the forefront and
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having it all managed effectively. leaving early for reasons that weren't his own and one of the ther things he did was interrupt the senior management circle with an obvious successor. emily: there is no obvious successor. >> there are a lot of theories. are they?at >> senior executives on the inside, you have people on the like renee james, maybe people like kirk or diane bryant come back. again, just at this point. would you like to see intel do here? my preference is for them to hire someone externally. they have some great inside the ian mentioned the v.p. of engineering. the business that intel is in, i certainly are changing, the slowdown, they have several businesses that are
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they need, i think i think some outside perspective would be helpful in terms of all in whether to jump and really scale those through s potentially m.a. or shuttering some of those emphasizingnd maybe for better margins and cash flow. chairman n, the recently suggested to employees that they might go with a nontraditional candidate. do you take away from that hint? >> that's a good point. snippet, but that is typical from andy bryant. he likes to make assertions and things out just to get people uncomfortable with being comfortable. can read a little bit, but not perhaps too much. mily: what are the challenges that the new c.e.o. ones he or she is named are going to inherit? it couldn't hand, be better. numbers are fantastic. intel has all time high in terms and profit. flip side, if we are to believe
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what other companies are saying, his is the first final in intel's history that they are facing competition that have factories than them. that is important and needs to fixed. emily: it could be weeks if not months with no clear frontrunner. concern you? >> not really. premise of the question is almost like, you know, intel is eally struggling and has a lot of problems and need to bring somebody in to save the company. is a stock that has 20% rformed the s&p 500 by over the last 12 months. will 8, as the numbers show next week, they most likely ill have grown their revenues by more than 10% and they will most likely grow earnings more 2018.30% for so this is not a business that's broken. it's an important job. there are, you know, some long
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strategic things that the company needs to figure out and but, you know, let's not forget, intel is coming off really quite a spectacular 2018 that, hink because of they do have, they have afforded really es sometime to bring in the best candidate that they can possibly find. interesting. in the meantime, the f.t.c. qualcomm, the trial has started. apple executives have been testifying. testified of apple that qualcomm wouldn't give them chips to put in their latest phones, they dispute that. what do you make of that? >> apple is really behind all of you believe all qualcomm said. apple has to portray itself as being weaker and being kind of victim of quality -- qualcomm as being the victim. apple entering the cell phone
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needed the technology. the times have changed to find being ng as that shocking. qualcomm has publicly stated in the past that they would have apple all of the chips they wanted. emily: i know you're continuing trial for us.t thank you both. wins a p, microsoft massive contract from the u.s. department of defense. does it mean they have the upper bids?n future and if you like bloomberg news, heck us out on the radio, the app, and in the u.s. on sirius/x.m.. this is bloomberg.
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emily: the u.s. defense department has awarded microsoft billion five-year ontract to support the defense department, the coast guard and community. microsoft and amazon in the running for another bid. covering corporate influence for us joining us from washington, significance, naomi, of microsoft winning this contract in the context of other contracts still open? >> it certainly helps microsoft to make its case o the pentagon that it's the best company to be the -- to be for the loud provider defense department. it's t essentially means, deepening its relationship with the defense department, with the
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i.c.s and those relationships will only help it continue to attract new business within the potentiallyncluding this jedi pentagon cloud contract. mily: talk to us about the status of the jedi pentagon cloud contract. there was some concern certainly tech companies that amazon was a shoo-in and other ompanies were not happy about that. in fact, the c.e.o. of oracle actually brought it up to president trump. >> yes, oracle and other tech companies have been fiercely to the way the pentagon has been handling this contract. they say the pentagon made the when they decided to award the contract to only one provider. in the industry suspect that amazon is still the rontrunner for the contract, but actually microsoft is seen as a solid second choice and has to have an upset here. they have extensive existing elationships with the defense department. this deal will help them but
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also recently earlier this year, another deal with the .c. to extend its cloud technology there and so, you know, we'll have to see where lands on this. i think at the moment, amazon is still looking like a frontrunner. what is the timeline, when is the d.o.d. going to decide? d.o.d. has decided has, announced previously that t was going to make a decision on this contract in april, but we're going to have to see stille tech companies are fighting it. oracle has filed a lawsuit in court saying aims that the pentagon's requirements are unfair and overly narrow in of amazon and also alleging that there are conflicts of interest, that in the d.o.d. had close connections with amazon. so we'll see. the a judge will tell pentagon that you have to change there was ch or that some improprietary issues here.
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at the moment the pentagon is still planning to make a but ion by this year, whether they'll get stopped by the courts remains an open question. all right, naomi, continuing to track that decision for us. we are waiting for it anxiously, so much. well, pg&e stock plunged monday it plans to file for bankruptcy in california, this it cost of wildfires left with $30-plus billion in liabilities. 2/3 of the market value has since november's wildfires in california and its debt has been downgraded to junk. in the, the bankruptcy could implications for renewable energy. director ned with the of the industry and climate policy program. michael, is this pretty much expected? coming since en november. after the camp fire, they drew lines s revolve credit which is a warning sign for a
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company that they're going to file. market ity is that the has concluded that along with overnor brown has conclusioned that this is kind of the new normal. until we can change that market perception in california, it's very hard to finance utility investments. emily: fires are the new normal? fires, catastrophic fires. emily: so they blame the fires change.ate their critics blame arrogance and negligence, which is it? variety ofthere is a factors. climate change is one of them. it's also important to emphasize and e has essentially haven't tried ey to make big changes in how they run the grid that could create term.y in the near they focus on long term investment plans that are omfortable and traditional for utilities to make which don't provide big changes right away. emily: what kind of changes making?he company be >> the key question is the degree to which the company should be shutting off the power risky times in wildfire
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areas. and they've talked about that, october, butnce in did not do it prior to the camp in november catastrophe. the question is, how the company balancing risk and political thesition from rate payers, p.o.u. and the state government. emily: why not shut down the power? hundreds of about homes gone, thousands of people who have died? the pushback that they encounter, all utilities encounter when they turn off the is pretty severe. there are vulnerable customers devices in dical their homes. local governments could have trouble with emergency services to even supplies water communities and the solution is to create safety in the power system, but also provide the power that is necessary to make it much less inconvenient when the grid is supplying energy because it's too dangerous to do it. emily: so they don't have ate plan. >> that's right. emily: how will this bankruptcy
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energy he state's ambitions? >> i think the first place to start thinking about that is in impact on e affordability of energy. california has some of the highest electorates in the country. is going to make them significantly higher kind of no matter what happens. f they're able to avoid bankruptcy or not. emily: we're going to feel this as consumers. >> absolutely. mily: we're all going to pay more. >> yes, unfortunately, yes. then the question is, how much we afford to make the investments we would like to make to achieve our climate and goals.nergy we are going to have to be even more careful, even more crafty how we achieve those objectives over the next 10 how we electrify buildings.and all of that requires investment n grid infrastructure and that infrastructure just got a lot more expensive. emily: so the state has a goal its , for all of electricity to be 100% carbon
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free by 2045, how likely are we make that? >> i actually think that we can still achieve that goal. is very far in the future. the goals that are more pressing achieve challenging to are the 2030 clean energy and climate goals, the renewable for 2030 and the state's greenhouse gas emissions targets basically require a significant fraction of vehicles o turn from being gasoline powered to being electricity powered. emily: so what does it mean for cars, ints in electric solar in the shorter term? >> the ecosystem is threatened this, the whole clean energy ecosystem that operates in california because so many of providers of solutions have signed long term contracts with prices.fixed if those contracts are apart of the bankruptcy process and are down, we could see many companies in big trouble. utility solar providers, battery
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perhaps ompanies, electricity vehicle charging, the kind of infrastructure are part of the electric vehicle ecosystem, that all is threatened by this bankruptcy. tesla or -- >> tesla is fine. it's more of the companies that into.lug your car companies more closely associated with the grid and with pg&e. no doubt there is there will be high winds again this year, dry conditions. prepared are we or is pg&e if this happens again this year? do you think they have learned a lesson? >> i would hope they have learned a lesson. i would hope that the new anagement is thinking about this from a risk management perspective that is a little bit different than they were prior year's fire season. the reality is that power shutoffs are still controversial. the october shutoff in the napa prevented something like 25 ignitions that were
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caused by trees falling into the infrastructure. luckily, the infrastructure hadn't been turned on. on, we would rned have seen a bunch of fires started. were same time customers really upset about that safety-related shutoff. the question is how aggressive s the company, the new management going to be in the context of bankruptcy, in the ontext where they're negotiating with the state about systems about about this shift-related program. the realities are not going to theyle to harden the grid, can't invest right now. mily: michael wara, stanford university, thanks for stopping by. >> thanks for having me on. we will give you a front row seat how the southern the silicon came valley of the east. twitter heck us out on and tictoc on twitter. this is bloomberg.
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emily: 40 years ago, a small fishing village in the shadow of hong kong. is china's very own silicon valley packed with more than 20 million people. has become the biggest consumer manufacturering world bursting with hundreds of factories. bloomberg business week's ashley to e traveled there experience the factory life firsthand. the factories in china all the time, i'm lucky enough to go is located about an hour outside of the center of the city. let us see what life is like inside one of these factories. factories, there are decent factories and then place run by grantson electronic. not safe to say, this is what i expected.
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the plush surroundings are customers from all parts of the world feel comfortable. it's more like you workers ect, dozens of moving at the speed making fancy phones for an australian company. how did you guys end up here? i guess that's the thing to do? >> it's known as a place that come to make things. you don't come here to mess around. you come here to get things done. they have the supply chain here, a supplier can make any phones youf the head need and of course there are labor costs which is not as to be but still reasonable. the production line is running started, ty since we yeah, we can do 500 a day normally. noises wee the little hear in the background?
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hearing them make sure they assemble the speaker correctly. >> the test noise? >> exactly. >> what is life like for the these wonderful toys? factory taste of the experience, i join the mad dash for lunch. cafeteria food. how is the food? it's good? how long have you worked here? to say anything terribly new about the life of chinese factory worker. ost of these people have come
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rom china's hinderlands having left their families alone in the rural home towns. years busting wo their butts working overtime to save up as much money as they can. a step up from hard subsistance farming? probably. are there still safety nets? yep. i can tell you one major chinese advantage the have over us -- >> when we first started working lunch we couldn't really get anyone's attention. everyone is sleeping at that time of day. hat said, we embraced it very quickly. >> what is your preferred apparatus? >> i'm pretty spartan, on the under the desk on bubble
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wrap is good. emily: bloomberg's ashley vance taking a little nap. watch the full episode of "hello world" at a set of veiled inexpensive smart phones for regain ground o lost to chinese rivals. devices are about $283 u.s. on the launch february 5 samsung india online score and india. an exec says they are aimed quarely at the millennial market. authorities have opened an titles, it n into norwegian orts by a newspaper that the streaming service falsified numbers for beyonce and ding jay-z's st, that was wife. they claimed the potential loss of income due to data
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manipulation. company has denied the reports. coming up, competition in bike on overdrive, but is the market oversaturated followed by co-founder saying the industry has developed too fast, our next.rsation with him is slack may be taking an unconventional path to the market while other expected tech companies follow suit? this is bloomberg.
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♪ this is bloomberg technology global link. >> i'm haidi also here in new york. a mother's pressure on chinese negotiators to reach a trade agreement with the united states. china trade slums at the end of the year, exports were down while most imports fell almost 8%. both the worst fall since 2016. i want to ask you, does this chinese trade data pylon to concerns about a macro economic slowdown this year? >> we have seen ims manufacturing at a two-year low.
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we have data in germany showing they are in a technical recession. we have seen u.s. markets take a hit. tech stocks falling the most in a week. this chart showing analysts have been cutting their eps to forecasts. the u.s. markets were under pressure. as soon as we heard president trump say that he thinks the u.s. will reach a trade deal with china, we did see those risks assets decline. >> what about the reaction in asia? pressure data put more to cut a deal with the u.s. the for this additional set kicks in? >> we had these lowered expectations already. what thoseorth even estimates were expecting. sometimes a bad starter means good news in markets.
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you get a higher level of monetary stimulus, perhaps. on the other hand it calls into question how much leverage beijing had going into potentially a high-level round of trade talks. because the problem is, emily, as you know, it's low hanging fruit when it comes to opening up and amplifying trade deals and trade volumes has already been picked. and remaining issues when it comes to its structural issues. i want to bring up this chart. it goes through the latest overture made by beijing to open up its natural markets -- national markets. the problem is investors, foreign investors are just not getting into chinese stuff. this is a look at turnover when it comes to chinese domestic margin -- the mystic markets.
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-- domestic markets. we've had a 10th of daily volumes trading in china. there's a question mark over investors want to be involved. one it comes to the trade war, affecting sentiment. meantime, the chinese bike sharing startup, backed by --lionaire jack ma co-founder spoke exclusively with tom mackenzie in shanghai. >> hello bike has been the number one in this industry since april 2018. our daily rights are equal to the rides of -- put simply, we take have to
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market share. >> what is your strategy for monetizing what is essentially a capital intensive business. >> relying on daily revenue is enough. we break on the daily rides. >> people started off by viewing the -- viewing the sector with great excitement. they are able to solve the last mile problem. you are able to get pictures of mountains of bikes piling up. very quickly collapsing. youve done something claimed a right to avoid that. what have you taken to stay above some of those issues. the first one or two years come of this industry and our industry peers developed to fast without following basic business rules. they put too many bikes in the market, which is a waste of resources.
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>> which are your funding targets, and where do you see your current valuation sitting at? >> in short-term, we don't have fundraising plans, as we are very well-capitalized. if needed, perhaps in six months you may consider -- we may consider a new round of fundraising. we are valued at $5 billion now. illusion thatspec softbank is looking to invest in your business. is that a conversation you've been having? have you at least entered into discussions with softbank? >> we had contact with softbank, but there's no substantial development or anything that gets us closer to a daily get. -- anan ipo and object of objective?ntual >> we will definitely go public at the end of the day. still rapidlys growing. when the time for an ipo comes come up believe our company will be valued at tens of billions of
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dollars, much more than it is now. >> that was the cofounder and executive president with tom mackenzie there. discussing investing in back sharing. a partner at dcm joins us in beijing. great to have you. of the backpains sector of china, there's a level of consolidation we've seen recently, pretty well documented. it's not been an easy year for the likes of hello bike. are you still positive on the sector? >> yes, i am. i think, in the u.s. in particular, we see the rise of the scooter share market. it's really not nothing we seen before. i think in china there's a lot of -- hello bike proves they continue to execute very well.
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predictors onech the show saying that's just one is not going to be as big and some people think it could be. in asia you have the threat regulation from the chinese government. who's to say they are wrong? >> i think, in the u.s. market, the cities have been very .roactive about regulation that helps to limit the oversupply we've seen in china. ishink the chinese market the biggest in the world. the other scooter share markets are focused outside of china. u.s., europe,e the middle east and latin america, those markets combined are not bigger than china. broaderuch is the success in china and across the bullishyou seem pretty
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and other markets. how much does that depend on a regulation, and for infrastructure to be compatible with that vision of the future? >> i think in the longer-term the scooter companies will have to work actively with the cities to introduce better bike lanes, safety to really educate the public. we are starting to see early innings of that now. if you see sarah monica, for example, they have dedicated scooter parking, they have much better bike lanes, they have areas where scooters are restricted in terms of the speeds. in the u.s. and other parts of the world, you're starting to see the scooter companies working much closer to governments now. >> we've just gotten a raft of disappointing import/export data from china. we have is revenue forecast cut from apple, rum samsung.
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-- this revenue forecast cut from apple, from samsung. are you changing your investing strategy? changing ourarily strategy, but we are certainly worried. the data that's coming out are lagging indicators of things ,hat global venture capitalists like ourselves, have been aware of in the past prior months. concern us andes makes is very selective about the types of investments going forward. what about the trade war? does that impact animal spirits and the way you invest or what you are hearing from early-stage investments in terms of impacting the level of confidence you are seeing, potentially impacting -- one of the main issues is intellectual --perty, this does that play out negatively? really depends on the sector.
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we'vely-stage investors, really not seen the impacts of the trade war yet from a number of our companies. but there certainly very conscious of the regulations that continue to evolve. that made is very thoughtful about how he look at cross-border investment. how much competition are you seeing from a mega fund like hellobike? is that impacting how you do business? >> dcm has a long-standing relationship with softbank that goes back decades. we think that's a positive development for the ecosystem. we are not really that impacted. their focus on series a, series at thebank is really later stages. what we have seen our companies that typically would go pump -- to we go public -- would go
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--lic >> they are saying this is the year for cannabis. i would also say the year for it last year in terms of how much hype it had. what you expected -- expect to happen this year for to be more profitable? >> i think 2019, for the year of cannabis, we do need to see positive growth and extraordinary data come back, particularly in the markets in four realization, canada being 1 -- i think everybody looking to the canadian markets to see if the numbers really do come back, where they are. otherwise those valuations will be troubled. great to havely you on with us. you> really great to have with us. we are going to get much more on bloomberg. ♪
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a slew of companies prepare for ipos this year, some may choose a less traditional route. the platform said that platform is said to be eyeing -- a this 2019 is expected to be banner year. but the volatility and government shutdown may lead to some delays. here to discuss, gain site ceo. gives them unique insight to a host of how well, these are performing. slack'syou make of
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potential decision here? them i think what's unique about slack is they are not your average company. people talk about these comedies being unicorns, and that term gets used a lot. slack is the unicorn's unicorn. brand that is unbelievable. every other cloud copy looks up to them, not just their revenue growth, but their product, their culture. and they made so much money they don't need more capital. if anybody can do it direct listing it slack. >> airbnb may be considering a listing as well. do you think this could be a trend order trending for other companies to get out the gate? can i think it's a trend for the upper echelon companies. -- >> i think it's a trend for the upper echelon companies. there are so many copies that have built so much power and so much brand over many years. spotify was private for so long. most countries don't have the ability to do that.
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they are behind the scenes, like a b2b company. companies need more capital as they go into the ipo. >> gainsight is one of those companies that comes out, they expect you to come to market. what is your timeline, is it causing you to reflect on how you decide to do this? >> we are behind this cloud trend, moving to cloud and's obstruction. we think there's an opportunity for gainsight and our whole customer success long-term. long-term copy. >> what is your timeline to go public? >> we are focused on being around for a very long time. , i want to talk about your business. customer success management software, with interesting is linkedin named customer success manager the top three most promising jobs of 2019. what striving that? >> if you think about customer success being a buzzword in the cloud world, it's one metric that every cloud company reports, that metric is net
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dollar retention. if i start the year with $100 million in revenue, how much of the same customer spending -- how much are the same customer's spending at the end of the year? of a growing or leaving? customers successes how i get customers to stay with me longer and spend money over time. you know the cloud businesses, they lose money up front, they lose money getting new customers. it's those customers that stay with you. customer success is about making the cloud business model work. cloud, the customers the waiting person. they have the ability to come in whenever they want to, use the software, but also leave if they want to. the number one winner is the customers. but on the vendor side, the winners are the ones who are able to keep their customers longer. if a customer is spending a dollar at the beginning of the year, that customer spending $1.70 at the end of the year. even if it doesn't get any new ones it's going to grow really
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fast. >> i know there are different battlegrounds within the cloud, and it's not a zero-sum game. when you look at amazon versus microsoft versus google. do you see amazon always in the lead with the mover advantage he -- with the first room -- the first mover advantage? nick: one of the amazing things is that power and recent success of microsoft. microsoft is showing up so much more as people think about where to put their infrastructure. and the dod just awarded them a cloud contract. nick: amazon is amazing, too. amazon has done a great job with all this innovation. not even mention google. >> does this become a commodity? nick: no, there is so much innovation to be had. every layer from the if her structure layer to the application layer, it's not about commodity, it's about all these comedies taking the chilean -- the trillions of dollars they spend.
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>> i know sells forces one of your investors, what about on the salesforce side? force has been an amazing partner. one of the things that salesforce company -- sales source customers recognize is when you are getting new customers, you get those clients, how do you get them to stay? many customers -- ofwe seen a lot consolidation. do you expect to see more of that? would you be interested in m&a? nick: we want to build a big long-term business ourselves. we think there could be times there's consolidation with the cloud. one thing that would be unique is there are a lot of ipos. it's amazing how many late stage at scale companies, maybe not as well-known as slack, but they are ready to go public within the next couple of years. you are going to see a huge surge.
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volatility --rket there's a market volatility. does a shutdown scare you? nick: it's all about the idea that i'm getting predictable revenue over time. if any business does well over a period of economic uncertainty -- >> good to have you on the show. i'm going to come back to you on a timeline. new drone proposals by the faa could expand civilian flight. what it means for the future of commercial delivery. next. this is bloomberg. ♪
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the u.s. federal aviation administration revealed a series of proposals monday that, for the first time, would allow drones to fly over crowds at
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night. the long-awaited proposal dramatically expands drone flights, which could be a launching pad for companies like alphabet and amazon exploit commercial delivery. bloomberg's alan levine joins us from washington to discuss. summary questions. what is the significance of this? from a history standpoint, it's huge. they been waiting for this for years. .t's been delayed the fbi and homeland defense figured out how to prevent against terrorists. they came up with a framework that will allow flights over people. pretty straightforward. if it's really small and won't hurt people, basically that's ok. as you get larger, you have to take steps like limiting the or putting padding on it and covering the propellers and that sort of thing. this could have a huge impact going forward.
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it's interesting in the context, both -- and he throw shutting down due to drone sightings, and police can ever find evidence of drones. they can't rule out the fact that they were never drones at all. what actually happened there? alan: the fact is, we don't really know. police near london arrested a couple and then had to release them, admitting they didn't really had of -- really have any thing to do with it. frankly, though, that really says a lot about the risk -- the security risk of drones. there are various technologies that can help you track these devices, but they are not all that reliable, at least not 100% reliable. so you're sort of left with this situation where this sort of thing can happen. i will say that the faa action
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today is trying to address this. are moving forward on parallel tracks, and they are going to require tracking drones , just so that sort of thing doesn't happen. emily: just to be specific, that will allow people to fly over crowds. what is the latest their? alan: the impact really begin to mushroom today. we saw volume increasing today. that triggered long lines at tsa. ae airport had to shut down couple of entry points, tsa security entry points. they shut screening lanes, not entire entry points. but that traded long lines, lines of people waiting over an
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hour. tsa has tried to keep that weight down to 20 minutes, maybe 30 minutes in some cases. saw things starting to houston. international airport as well. emily: important information there for anyone traveling in and out of washington. think is so much. that does it for this edition of bloomberg technology. insure just be sure to tune to bloomberg technology. theresa may making attempts to win lawmakers over to her brexit deal. our coverage start 6 a.m. local time in london area you can check us out at technology, you can follow us on twitter as well. i'm emily chang here in san francisco. this is bloomberg. ♪ amazon prime video is now on xfinity x1.
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collect hello and welcome to daybreak asia. here new york. >> to open you the news you need to know as markets open across asia. >> our top story this tuesday, a's show looks set to remain under pressure after wall street fell on week data. the yen is holding its gains. the market now waging the pegs it to vote -- the brings it to vote. -- the brexit to vote.


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