tv Bloomberg Technology Bloomberg July 16, 2020 5:00pm-6:00pm EDT
♪ >> welcome to bloomberg technology. netflix leading the stoxx out of the gate with turning shares down. in an otherwise strong quarter. contentenders, chief officer becoming co-ceo. aerall, stocks snapping two-day rally with investors continuing to rotate out of this year's top performers. like technology and cyberspace.
in focus with russian hackers targeting companies working on covid-19 vaccine development. this after a massive twitter hack on the accounts of top lyrical and tech leaders. the attackers got access to internal controls. michael chertoff told bloomberg earlier that twitter must ask itself two big questions. >> are they adequately double checking the identity of the people posting on a regular basis? and also get to the bottom of how somebody on the inside was persuaded into turning over the keys to the kingdom. facebook is also doing some soul-searching after the social net works latest diversity report showing the company is struggling to recruit black engineers. we are going to hear more on that with maxine williams. i spoke to her exclusively.
she is reporting to sheryl sandberg. meantime, cases of covid-19 continue to rise. california reporting near record new cases and deaths. florida, arizona, montana also seeing searches. round ofgton the next stimulus relief could come as early as next week according to mitch mcconnell. house speaker nancy pelosi told bloomberg the urgency of a stimulus package is real. >> it is been two months. more people have died, more people have gone unemployed and more people have been infected. romaine: nab -- >> abigail, what are you seeing? abigail: when you add up the headlines from the day, the news, the commentary, a rocket day for the markets. as you mentioned, pricking a
two-day rally. stocks couldn't get out of their ,wn way today, ending near bearing the losses. the s&p 500 had been down far more. point downat one more than 1%. big take a drag. that momentum trade that had worked for so many weeks, in fact months, really spluttering. some of the china stock weakness seems to be linked to that. and before talking about netflix on the day, there were some big early movers. bank of america to the downside after putting up a quarter where they beat estimates but did have a loan reserve loss. importantly, their consumer unit, profits down 98%. you can see those shares responding. morgan stanley put up a huge
quarter. that stock doing well. revenue up 21%. then johnson & johnson. theirere able to raise outlook, despite the pandemic. a bit of a mixed bag for earnings. meantime, netflix still down after hours. i'm told we are going to hear much more about this decision to promote ted surrenders. he has been the chief content officer for some time. the architect of their original content stratasys -- strategy. they had been expecting 5 million subscribers. netflix forecasting 2.5 million. they did sign up 10 million new subscribers amid last quarter and had a big quarter the quarter before that as everyone was sheltering. what are you seeing as you dig in? abigail: it was messy across the
board, but your last point hits it on the head. for that first quarter they put up subscribers relative to the expectation of far less. million.t was 6 a huge beat, it looks like they pulled forward subscribers. while subscribers for the second quarter did beat the official number, it missed a high-end of the number of 12 million. estimates, official plus the whisper number. lots of weakness, investors not liking the key there. that is the big question for all of these stocks. we've gone so far so fast and there is a chart that i love. it suggests it could be some more pain ahead for a lot of these companies. investors snap them up way too quickly. they you see it, overextended.
there could be some we is ahead. -- could be some weakness ahead. thank you so much for highlighting that for us. meantime, talking more about netflix. we have tuna amobi with us who covers netflix for cfra. first off, it is your take on this news of ted sorrento's? tuna: good afternoon. i was a little surprised. i did not see that one coming. i know that succession planning has been one of the russians investors have started to ask about the potential departure of reed hastings. when you look at the announcement today, i think it definitely communicates that ted is going to be the guy to step in. he has been there from day one and as you alluded to, he is the architect of the original
content strategy. he has a deep relationship in the hollywood community, very well regarded on wall street. i think this is a positive development. i also add that ted continues to keep his role as chief content officer, which is going to be crucial as they continue to expand and defend their content relationships. andy: i'm told that reid ted, this formalizes how they have been working together and they will be talking about this on the earnings call. we will be listening and. what is your take on these subscriber numbers? a light forecast for the third quarter. have they pulled forward some subscribers that may have come later in the year because people have been so dependent on netflix as they shelter in place? -- the pullw they
forward the request going to be a factor. we saw that play out in the guidance they provided today. well below the expectations. that being said, netflix tends to air on the conservative side. we would not be surprised at all if they significantly beat those expectations. that being said, i think what the pandemic has done is to recalibrate the streaming landscape. we believe that netflix has consolidated its early mover all of the virtue of advantages and content pipeline. and the tailwinds. now as we look at the streaming wars playing out with the new entrance launching without some of their highest profile shows, netflix consolidated its position. there is nothing that changes long-term. what we are seeing today is more
or less the same type of tossedity we have been into if you follow netflix. about the newalk frontiers of netflix. they really are global. the biggest opportunities for growth are going to be international. as the pandemic continues to play out, certainly not all countries are in the same position. we are still in a difficult position here. where are you expecting netflix to grow in key markets outside of the united states? the: i think we are seeing international market is kind of, it has a very huge runway. i think this first half number since they started to provide the regional break down, you are seeing traction around the world. what gets us even more excited is the fact that they are now in the early stages of launching this mobile-only plan around
some of the asian markets. that seems to be gaining some traction. when you look at internationally, the secular dynamics of broadband penetration are still way too early. there was a lot of runway there, even domestically most investors seem to have thought that saturation has set in. the subscriber addition domestically during the first half, actually ahead of expectations. i would not count domestic out at this point. emily: all right. tuna amobi of cfra. we are going to continue to watch these netflix headlines and listen to the call. thanks so much. up, the, coming companies working on covid-19 development, we are told
emily: the u.s., u.k., and canada are accusing russian and telephone -- intelligence of trying to steal coronavirus vaccine research. sick inand therapeutic multiple countries have been targeted. the group responsible for the hack is known as cozy they are and as part of russian state intelligence. we are joined by nicole eagan of dark trace, the chief strategy officer there.
what is your analysis of what happened here? as you stated, the intelligence community has gotten together. they issued warnings and may that they saw her early signs of this activity. now they have confirmed this and as you said, they are known as cozy bear. we have seen this group before. this isn't the first time. we saw them, this is the same group with the dnc, the pentagon, with some other from attacking. is,ink what is interesting trying to get at the heart of what are they after? clearly u.s. and our allies have spent billions of dollars toward vaccine research. --re is a lot of -- at state state financially and about saving lives. emily: that was my next question. how vulnerable is this that ition given the --
is something everybody wants? nicole: there are two aspects of what people could be after. the first one is around the intellectual property, the research itself. about the approaches and techniques that could be used for these vaccines. the other type of data is equally important. we don't know if this specifically has been targeted yet. the underlying patient data, the data that would come from things like the antivirus test sets. the covid swab tests. even some genetic testing. say who hasctually and does not have covid. the reason that set could be valuable is ai simulations could be run. and those simulations could speed up some other countries
ability to get the vaccine sooner. if downside risk is, thatens lose trust that patient-level data isn't protect it, with that dissenter flies them to go get tested? because that data could be at risk. the research data itself or the underlying patient data to run these simulations. this group that is supposedly behind this is normally a low-profile group. they are gathering intelligence, not doing something that's high-profile. got the kremlin denying these accusations, saying russia has nothing to do with the attempts. do you believe that? nicole: we have talked many times, attribution is always quite difficult. factsis not all of the that have been released yet, but i guess the techniques used in
specific malware was very similar to the malware techniques that have been used by cozy bear. the intelligence community has other information, may be beyond cyber information, to verify this fact. we don't have that so far. toly: i do want to move on the great twitter hack. certainly the highest profile hack i can remember. you have the accounts of president obama, vice president biden, bezos, gates all hacked. all hacked at once. twitter saying that it doesn't appear that any employees passwords were compromised, but that somehow these hackers got access to twitter's internal controls. what does it appear to you
happened here? nicole: the speed and sophistication of this attack was unprecedented, right? the fact that so many tweets were coming out from these high-profile accounts -- and by the way, these accounts were considered protected accounts for make security -- from a security perspective. required.on was it is absolutely clear that internal employee tools were compromised and used in the hack. it was also interesting, in terms of the response. it occurred simultaneously over a two hour. -- two hour period. we did see twitter, i think for the first time ever, actually disabled those verified accounts so that no additional tweets could come out. bitcoin.aw the use of the tweets were asking for
anything these-profile individuals wanted to give back. these high-profile individuals wanted to give back and it would match any donations to this big going -- bitcoin account. emily: let's talk about the bitcoin tie-in. folks racked up more than $100,000 within a matter of minutes. what does that say to you, in terms of attribution? nicole: in terms of bitcoin, we have seen during the bubble pandemic, bitcoin attacks on the rise again. not at the same profile of this one, but we have seen a rise in bitcoin usage in attacks. i think here what we also saw is the movie -- the money moved in and out of these accounts quickly. there definitely was a level of sophistication.
as much as that is a significant amount of money, the other thing we are not sure yet is, are the private or direct messages of has that alsoals, been compromised? imagine the money you could get on the dark web if those direct messages or private messages are now for sale. that could be a next wave that we may see in days to come. now, days to come. we have a huge and high-profile u.s. election coming up that was undermined in 2016 via social media. how much confidence does this if you are about the election and twitter's ability to prevent misinformation if they can't even prevent hack like this? nicole: i think this will increase concerns and, as
always, i think we have to make sure that we have a way to verify information. there are so many people that rely on twitter as a force -- source of news. especially in the lead up to the election. we can only imagine if something at this speed and scale happened as we get close to election day. whether that information told people to stay away from the polls or disseminate other misinformation. it does absolutely raise more concerns. emily: what can and should twitter be doing to protect its network? you had folks on twitter posting screenshots of what appeared to be twitter's internal controls. nicole: it is very hard, because when you have an attack on the internal controls, people are very worried about, is it insider threat? was it employees could have been
bribed? and theyphisticated took over the internal controls? always always means is, pay attention to insider threats. really pay attention to those internal systems and who has access. as always, it is a reminder that internal controls and two factor authentication, nothing is enough. it goes back to the need to have players of security. emily: now that we are in this moment, all sheltering in place, so many people working from home, what are your biggest concerns about the threats in cyberspace? have sensitive information in hacked about covid-19 research and now so much more of american businesses and business happening on these networks outside of the company and potentially vulnerable. nicole: it's one thing when we
are sitting inside corporate headquarters and our security controls and policies are being followed. as people are connecting to clouds or connect them to corporate networks from the kitchen table, that security bark goes down. i think people start using tools, right? we rely on things like zoom and other collaboration tools that we were not using at the levels we were before. the traditional security tools that used to keep a safe really don't work as effectively in these dynamic environments. i think it is about raising the level of security all the way to what is called the endpoint, making sure that we can have that same level of visibility. things like artificial intelligence that can really understand our new patterns, you know, how are we connecting to this information, where are we connecting from? that ai can hopefully keep us a bit more safe.
emily: do you have more concerns about twitter than you do with facebook, which was the subject compromised network in 2016? do you think facebook has built up its defenses enough? they talked about how much they have been investing, but do you believe facebook is just as vulnerable as twitter is despite these investments, given that the hackers are always one step ahead? nicole: we have to remember that social media, as much as it is relied on, it is still in these early phases in terms of these massive platforms. the attackers always seem to be one step ahead. we have to keep investing in very advanced techniques. you can't pretend to know what that next attack is going to look like, and i think that is what a lot of the downfalls of the legacy approaches are.
a lot of the legacy approaches --e unknowing the attack and on knowing the attack. but we see over and over is, now we have seen the attackers get more creative. to why i think artificial intelligence is so important, it doesn't predicate on needing to know the last attack. we need to keep investing and more advanced ways to stay a step ahead. emily: what are those advanced ways? nicole: some of the advanced ways are understanding normal behavior. when something is different in usage -- for example, he talked about how simultaneously all of these accounts started tweeting out the same information to the same bitcoin link. the artificial intelligence could see that pattern and -- in split seconds and have alerted.
it is looking for unusual patterns. this has never happened this way before, but we should stop this. when you are looking at the amount of data and users and accounts on these platforms, there is no way people alone can keep it safe. nicole eagan the cofounder of dark trace, thank you so much. a huge stay in cyberspace today with this russian hack on covid-19 vaccine research and the rate twitter hack. zuckerberg has been talking with dr. anthony fauci via facebook live. let's take a quick listen. regroup, call a timeout, not necessarily lock down again, said, we've got to do this in a more measured way. if we don't do that, were going to wind up getting a situation where in other states may be
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toly: welcome back "bloomberg technology." i'm emily chang. one issue front and center in silicon valley is the need to increase diversity across the board. toebook has been struggling increase black representation, especially in technical roles, not increasing that representation by a single percentage point since they first started reporting diversity numbers in 2014. facebook also faces pressure from civil rights leaders. i spoke with maxine williams in an interview about their latest diversity numbers and challenges ahead.
>> in the same time period, you have seen that we have been able to increase women in technical roles from 15% to 24%. even black people in non-technical roles have moved from 2% to 9% in the same period. black technical roles, and hispanic people have been stubborn to move. we have short-term, medium-term, and long-term strategies for representation. weresentation is not just so have numbers. the point is we want to build products for this very diverse world. for us, it is a top priority that we have clearly invested in, and we are going to keep doing it. we had a civil rights report come up recently. the reason we cited them is we want to get to excellence.
you don't invite an audit to get accolades. you invite an audit to see where we can do better. when we look at corporate america, we don't see as much progress as we should for as long as people have been working and investing in diversity and inclusion. we are trying to be innovative. we are doing a number of different strategies. when we do find things that work, we keep at it. we are hoping that will deliver more results, and if we keep being innovative, we will, perhaps, discover things and be able to act on them. you haveantime, civil rights leaders saying you're not doing enough to stop hate. you have advertisers who have boycotted. you have employees walking out because of how facebook has handled president trump's posts.
is facebook's brand making it more difficult for you to recruit diverse candidates? >> the interesting thing is that we also don't want any hate on our platform. hate is not good for us. most of the 3 billion people who use our platform are doing it to connect with people they love, to do things they are interested in. but there is some hate. we have every incentive to reduce that, and we have. all of this time, we have greatly reduced the amount of hate people see before they even see it. we have developed systems. we have thousands of people working at them. as you say, it is in our interest for people who want to work here to see the value, and as we recruit, see how impactful the company is, how valuable it is in people's lives to connect with people they care about the most.
human beings are complex characters. most of our interactions together are positive, and then there are times when human beings interact with each other in a way that is not, and we want people to help us to reduce that. issuesgiven all the facebook is facing, do you worry that some of these representation issues are going to impact your ability to make progress? we see you making progress on women, but you are not making progress in the black community, at least in a technical role. maxime: i hope that being transparent will help us make more progress. we will be clear about the areas where we need to do better and the people who want to help us do that will join. the people who are already here, right? this is not just about bringing people in, it is about who is already in our workforce, and how are they experiencing it, and how are they able to contribute? one of the things that has come out of the civil rights audit and the ongoing work have been
doing is that we are now looking at how we structure opportunities for people inside the company to have more voice in what we do. these are incredible opportunities for people, given what we do in the world and the impact it has. while there are challenges, i think being transparent about them will help us gain more progress. emily: in the civil rights audit, the auditors say they are deeply concerned with how facebook has handled president trump supposeds. -- president trump's posts. you have a president who has threatened violence, specifically on people in the black lives matter movement. now that you are reporting l, whaty to shery is your voice in the room saying about how to handle these issues? complex teamve a that does most of the evaluations and then escalates them. i come from a background where i
am a lawyer and the majority of representing a trade union. i run a human rights organization. my training is looking at the marginalized people at the center. that's what you have the word marginalized, they are at the margins. but for us, they are at the center. looking at things through that lens allows us to bring a different perspective. me being in the room allows us to have a different perspective to consider. how are these going to impact groups that are vulnerable? we have a collaborative debate culture. me being there all times consistently helps us to have that not just on an ad hoc basis , but looking from the point of view of those that in some systems, systems based on imbalances of power, usually
have a detriment to these marginalized groups. emily: the critics say this is a failure of leadership. i know mark and sheryl repeatedly say these things are important to them, but are they important enough to them? are they making diversity enough of a priority? maxine: absolutely, 100%. emily: where is the proof? investment.previous i have worked in a -- the proof is in investment. i have worked in a number of places and have never worked in a place with this much leadership saying, we need to do even more. we need to do it faster, we need to do it better. leadership is saying, what are the resources we need to do this? we will apply those. this is not a failure of leadership. these are complex issues.
that is where you will see even we ourselves get frustrated at not being able to make more progress. these complex networks are a part of power society has developed. me about that frustration, because there are so many issues happening outside facebook that have to be making your job harder as someone who has been working on this for seven years and clearly wants to make progress, and is in some areas, but not in others which are very important. emily, i think when you go into this line of business, you know it is going to be hard. know there will never be a day where you plant a victory flag and say mission accomplished. i have worked on criminal
justice reform, death penalty issues, prison reform. none of these are workers rights. none of these are things you wake up one day and say, we've done it, check that box. it is hard work, but it is such valuable work. when you go into this, you know you are going to be keeping at it. what you are looking for is progress. there are people before me who have carried much heavier burdens who keep working at it, keep pushing at it, and that's what we have to do. we want things to be better. emily: mark zuckerberg has been out front on remote work, and facebook is looking to have tens of thousands of employees work from home permanently. i wonder if this could be an opportunity when it comes to making progress on diversity, because talent can live or come from anywhere. maxine: absolutely. we are designing it, and that's
why we are being thoughtful about it, because we want to put inclusion at the center. unlock we decide it can more talent in areas where we might not have been as successful. it is a big ask you to move away from your community, your family, your neighborhood, all of the things that give us that since of self and belonging and where we feel connected, to in order to do the work we would like to do. we are hoping it will allow much more diversity. emily: how are you talking to your kids about race in this moment? maxine: it is challenging, because you are trying to balance being realistic with them without making them afraid of people in the world.
in the household, we don't have conversations apart from the kids. we include them. people are generally good, but you have to be weary. if you engage with law enforcement, you probably need posture ifarticular you want to come out of that alive. if you get lost, where do you go for help? that is something you have to be conscious of. it is not easy. you want to do a balance. most people, i want them to look to law enforcement as the people who help keep us safe, because they do. we begin our conversation there. most people are good, and then you have some that are not. how do you navigate that space?
your objective is to get to 100% goodness, one hunt percent no heat -- 100% no heat. you get there? probably not. try toh my children, i strike that balance. emily: my last question, do you think facebook is able to make more progress on diversity, to hire more black work is, hire more women -- black workers, hire more women? we know the research shows that diverse teams produce better products, better results, make more money, and all of that, and i wonder if you think it will change the way facebook works. maxine: it will change the way anywhere works. that is the whole game. i.at's why we do d& with a different perspective, you will do different things. -- ino you have it makes
that mix? what are the ingredients in there? how we decide to bill it, how we roll it out, how we market it becomes different when you have different ingredients. sometimes you might get the same outcome, of course, but it doesn't mean that different voices are always the right voice. that's not the point. the point is to consider it. andeduces vulnerabilities increases opportunities for developing things which connect with people when we consider the perspective of all of the people. that's why we are in it. emily: facebook's chief diversity officer maxine williams. toking up, tik continues to be under fire over security concerns over the app's harvesting of west data -- u.s. data. we will hear from an early tok's parenttik
had big u.s. tech companies facing major antitrust issues, continuing in europe. earlier, the european commissioner was on earlier on bloomberg, talking about some of these issues. take a listen. >> we discussed with william barr, a big discussion about the way forward. with wilbur met ross and we will have a new phone call tomorrow to see how it is possible to act together.
it is a biting decision, so we to abide by our end, and we need to discuss with u.s. colleagues the best givebilities we have to full application of the decision. but it is a u.s. decision, so we need to analyze in detail the decision. it is a very important document. >> this affects over 5000 companies that have to send data through the u.s. and eu and obviously is not going to be resolved overnight, so what is the u.s. supposed to do as a plan b? first of all, i said we have a validation of all the tools in the privacy chain. there is not only one tool to exchange data. but with all the instruments inside different groups, i am thinking about dividing corporate rules.
it is possible to u.s. different -- use different tools. with the u.s., it is to see if it is possible to give an answer to the call and maybe organize for better data protection. we need to be sure that the protection that we are giving to the citizens about their personal data is traveling with the data. the gdpr, you have but if you exchange it with countries, you need to be sure that you have the same level of protection. we need to analyze with u.s. colleagues what it is possible to do to have a better level of --tection for the in full compliance with the decision of the court. emily: the eu commissioner for
justice. in time, tiktok has become one of the world's most popular apps , with lip-synching videos and viral memes. but the parent company continues to grow over privacy concerns and the company's connection to china. joining us is an early investor. obviously, tiktok has been under fire over the last couple of days. what do you make of the concerns that many people across the united states and cyber security experts now seem to have over the company harvesting americans' data? days, any company with connection to china is under intense scrutiny. we are living in an increasingly polarized world. the government is at odds with each other. it is definitely a complex and evolving situation that we
continue to monitor. you look at what tiktok has done , bytedance acquired them in 2017, and hence we have become a shareholder in bytedance. what tiktok has done worldwide is quite impressive. at the same time, you see them working hard to have their top executives being based in the hiring someone from disney to be the chief executive officer, and having more and more teams being based in the u.s. and trying to comply with local laws here in the u.s. them making a very strong effort to make themselves more global and u.s. friendly. you have india banning tiktok, president trump mulling a ban on tiktok, wells fargo
preventing its employees from having tiktok talk on their phones. is there a security risk? do you believe, as a u.s.-based investor, there is a risk? >> these days, the issue is that if you have a server in china, people worry, period. that?w do you solve the best way to try to move data, make that more localized. there are a number of things people are trying to do. and this is not a tiktok issue. any company today that is connected with china in some way or another are trying to do that. the framework people used to look at these multinational companies has shifted in the last year, and companies are scrambling to make adjustments, and they are adapting. we encourage them to adapt as well. investnow, you obviously
a lot in china, a lot cross-border. they says tensions in the u.s. and china continue to ratchet up. you have hong kong's special status revoked. is that changing anything about how you do business across the borders? are very global. we have offices in san francisco, the bay area, a presence in new york, and our roots are in silicon valley and singapore. we became an early investor in asia, specifically china, with our investment in alibaba. we do have localized teams that operate across these geographies. we have close to 300 companies. many of them spam across span across-- geographies such as the u.s., china, southeast asia, and latin america. like dsp.lobal fund, we understand the world is
increasingly volatile, but we have been working with our founders to scale their business and do what is right for her piece. and we try to navigate through these situations as well as we can. lessonsdo see is the from china and the u.s., the lessons that are brought about a urbanization and the adoption of are applyinget superior returns. ofay we made an announcement the digital economy index -- we tracks 91 companies, their performance over the last 10 years, and as a group, we three each stock equally with a dollar share in each of them if they leverage over 50% turned year on year over the last five years, over 30% return over the last 10 years, whereas it is performing 20% to 30% better than nasdaq. we know that by investing globally and having perspective
, mobile points globally smartphones are really changing the way people live and business is being done. that is what we focus on is venture capitalists. emily: meantime, you have pushback on this national security law that has been imposed on hong kong by beijing. i wonder how you think this tension is going to impact tech innovation in china and hong kong, which certainly has been quite competitive and certainly competitive to companies in the united states. will it change the way that innovation plays out? >> you and i have both been to hong kong multiple times before. i have lived there twice in the 1990's and 2000s. have friends on different sides of the issue. it is complex and not easy, and we are watching how multinational companies like microsoft, google, and the
investment banks of the world are dealing with that situation. we do hope that, and we do know from past experiences that when countries are more open and visas do not have a lot of restrictions on them, you want the best talent in the best cities to innovate. i went to stanford for four years for college. it is mind-boggling, the changes that can happen. we invested in asia and have seen what has happened to shanghai and beijing. so many jobs have gotten created and companies are doing the right things. these are things we miss and treasure, and we hope there is a way for the government to resolve differences and allow innovations to continue to happen. hans, ggv isme, launching a new digital economy index and insights report for
global companies. talk to us about why this is so important. ago, a book was written on the digital economy. it influenced a lot of what funders look at with the internet and what it could be in the world. fast-forward to 20, the adoption of mobile technology is unprecedented. you have baby boomers using apple pay, doordash, ordering grocery delivery from instacart. i had an interview with the cofounder of paypal. he mentioned his own mother changing her behavior and using mobile payment now. those are the stories and
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shery: good evening. we are counting down to asia's major market opens. i'm shery ahn in new york. haidi: time haidi stroud-watts in sydney. welcome to "daybreak: australia." tech shares push u.s. markets lower for the first time in three days, the nasdaq posting the largest decline in weeks. microsoft and apple leading the losses. the coronavirus continues to set unwelcome records.
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