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tv   Bloomberg Technology  Bloomberg  May 26, 2022 5:00pm-6:00pm EDT

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from the heart of where innovation, money, and power collide, silicon valley and beyond, this is "bloomberg technology," with emily chang. emily: i'm emily chang in san francisco end of this is "bloomberg technology." broadcom makes it official, buying vmware $461 billion. we will have the details on how one of the biggest deals in tech reship -- reshape the cloud and chip industry, coming up. plus, more thoughts on that broadcom deal and how google and cloud customers are weathering the market turmoil.
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and how one startup raised a new round with all female investors. 75 of them. i will speak to heather fernandez and karen norton about how more companies can cheat -- change the gender balance of their cap table in one fell swoop. first i want to get a look at the markets, where tech stocks staged a comeback. add to, finally some good news? ed: you can see the nasdaq 100 up to .8% with the biggest jump for that index in a week. interesting, i was going through the bloomberg, first back to back gains we have seen in almost four weeks, showing how things have been recently, right? very much in the red. you can see that across the technology sector. if there hadn't been this selling across financial markets on your screen, the green
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indexes going into the next session, $1800, well below the 2000 level where technical analysts were looking. come with me to the bloomberg terminal, let's call it right now and end it right here. the nasdaq 100 on a weekly basis is in the green. it's thursday. let's call it. in that way we smash seven straight weeks of decline and it looks like we have turned a corner, you can't hang your hat on one week but my goodness do we need some positivity. please, friday, don't work -- don't ruin it. the big part of the story back in the studio is earnings with nvidia missing estimates on the forecast with that stock up 5%. macy's, incredible, up 19%. lots of confidence in upgrading that outlook, people still want to buy fancy stuff. emily: how much do you think the m&a that we are seeing, the deals we are seeing in general is a signal that maybe, maybe we
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are turning a corner? ed: i joked about the chart but there is a feel-good factor, lots of activity with m&a in the tech sector. twitter is up, the big story of course here is muska george -- adjusting his financing package on margin components to bring in more equity financing. bullishness that the deal might happen. of course the other big story is broadcom vmware. massive deal, bloomberg, we got official confirmation on thursday. what does it mean for the company? what does it mean for the health of the technology sector broadly? it's really interesting timing. emily: indeed. liana, your team broke the deal being officially announced. talk to us about the things we
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know now that we didn't know earlier this week. >> the exact price of the deal keeps fluctuating, it will change day by day. we did see that it was 61 billion, a pretty big premium for vmware, maybe not as high as it would have been if it wasn't for the text selloff. another interesting angle on the deal is that they can solicit other offers. we will be monitoring whether there is a bidding war and who else could emerge. they have 40 days to potentially find a new buyer. emily: are you thinking there could be a bidding war? are there other suitors out there? >> others might pick up the phone to inquire about it, but to be honest as far as the terms of the deal and the concerns over the price, i think they made a very compelling offer out there for vmware investors and i do think that it is coming from a group here with the hands of
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broadcom. emily: are they going to stay independent? which services might be emphasized or deemphasized? >> i interviewed tom krause today, who helped to engineer the deal and he mentioned they will rename the whole software addition vmware, so i think that vmware is going to run broadcom software. we will have to see but it may take a year for the deal to close. we may not see anything just yet , but broadcom likes to keep franchises intact. i'm sure they will try to raise margins but i expect not a lot will change when the deal closes. emily: how competitive do you think a software code portfolio under the vmware umbrella will actually be? >> he's done an absolutely fantastic job here, trending the company around into one that is
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right driven and i think it really is kind of their crown jewel for their software business, really doubling the size of that business, right? half of their revenue bases there. at the end of the day i think this definitely has a significant approval on the growth of that software business , which is extremely important. this had been a business growing on the single-digit space where they had acquired a lot of those assets and jumping from a free cash flow potential to improve the generation. what vmware does here is really catapult the growth potential within that business towards one that is more mid-single digit in the range. nothing is more compelling long-term for that software business? -- business.
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emily: looking at the deals that have been done going back to microsoft and activision, are you expecting more big deals this year? are we moving into an environment, given what we are seeing in the markets and valuations coming down and companies looking for a site -- safe exit, are we moving into a time of big-time m&a? >> the tech bankers i have spoken to would like to say sure but you have to understand that they are a very unique animal and have been searching for a big elephant acquisition for years, they haven't done one since 2019. it's a company that really likes doing deals. i wouldn't say that the broadcom competitors will suddenly start following suit but the tech sector being one of the bright spots of the market has been down year-over-year and software companies are very resilient and i would expect we would see more big deals this year to keep you
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busy. emily: well, broadcom wanted to buy qualcomm a couple of years back, it didn't happen under the trump administration. are you expect any regulatory pushback, angelo? >> i would say there's very little overlap at the end of the day with that data center group and as a result there definitely could be some kind of concern with how it operates that vmware business along with their chip side. listen at the end of the day i think there are definitely geopolitical pressures going on with people thinking about getting necessary regulatory approvals like in china. i would imagine that a reason like that would be similar to
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what they have done in other deals, often looking for a deal that gets done by the end of fiscal 2023 and i wouldn't be surprised if it drags further. emily: is this it for a while with the deals? >> a lot of regulatory bodies need to weigh in on this. whatever it takes, they will expect them not to do much except focus on it and integrate it, it could be a while before they do anything big. emily: how do you think this deal will change the cloud market? will it make much of a change? >> i think it gives them more power at the end of the
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day, they can leverage and wield more than their peers or more than competitors want them to. whether or not that ends up being a sticking point, with the regulatory approvals, that remains to be seen. at the end of the day it could have an impact, yes, on private wealth. emily: angelo, liana, great job. thank you. coming up, the google cloud ceo thomas curie and will be with me asking about that deal. plus the outlook on how google cloud keeps growing in the midst of a macro market downturn. this is bloomberg. ♪
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emily: with inflation putting pressure on just about everyone, apple is raising salaries for workers across the u.s. by 10% in the midst of a tight labor market. mark joins us now, he of course covers apple. raising salaries for corporate and retail employees, right? mark: that's right, in the face of inflation and other pressures like unionization, apple is doing a few things. one, retail. they are raising the minimum salary for hourly workers for retail, applecare, other hourly workers, from $20 per hour to $22 per hour, 10% from last year, closer to 50%, the company
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says, since 2018. in terms of corporate and more generally of us apple the reason they have a compensation budget for this will result in base salary increases in the u.s. and globally for salaried employees, not hourly employees, those are typically done around september, they said they would bring it up to around july now for corporate . some corporate teams as well as the hourly workers. emily: in the meantime they are going to keep iphone production flat because of these macro economic headwinds and the pressure on consumers. what do we know? mark: there are two ways to look at it. positive and negative, right? positive is the overall market led by android is in a good spot. you are seeing those companies do job cuts in hiring slowdowns. people buying android phones to
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a smaller degree than they were in previous years, right? a lot of it has to do with inflationary pressure and other global factors. the ability of apple to keep units flat in the face of a larger slowdowns in the industry , obviously, that's a good thing for apple that they are not going down in terms of output but on the negative they have a major iphone upgrade plan for this year, the iphone 14. looking mostly similar but a much bigger update than the 12. they will not be increasing units even though they had the bigger headset update. emily: let's talk about what else they have coming this year. official invitations have gone out and it will be christmas in june, they say for developers. what are you expecting at this event? mark: this will be a significant event. pretty large update to ios with
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16 and you will see changes, new apps, new designs for some apps across the board with big multi-cap improvements for the ipad with audio messaging features and a new lock screen for the iphone and major up dates to the iphone and the apple watch. you will see some smart home compatibility improvements for the apple tv and home pod. the ipad will get a pretty big update. the mac will get some more flavor in the interface as well. there's a lot to look forward to their. i don't believe you will see a full-blown unveiling of the apple mixed reality headset. augmented virtual reality will be on the minds of lots of developers at the conference and , of course, in the future. emily: does later mean something we could see this year? mark: i believe the headset, we could be doing one of these shows a year from now with a headset on. i would obviously look
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ridiculous, but i mean to say that i think it will be available by this time next year. emily: and what happens come september? wwdc is typically where we see the unveiling of their next generation software and september is when we see the next generation of hardware. what will we see in this september? >> the pattern this year is going to be quite similar to what we have seen from apple in the fall launches of previous years. you could imagine the 14 and the new version of the apple watch being unveiled in september. i think the watch will be one of the bigger new pieces of tech for apple this year. the first time, there will be three new models. emily: thanks, mark, as always. coming up, thomas curie and is with me next. this is bloomberg. ♪
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emily: in the midst of a massive market downturn, google cloud numbers growing 44% in the quarter, though they are still a distant third to aws and microsoft azure in the cloud infrastructure market. joining me now to discuss more about how google will continue to scale, thomas kurian of google cloud. great to have you back with us. i'm so curious as to your outlook in market turmoil and what you see about demand or slowdowns in spending. thomas: we are seeing the market enter volatility in some parts of the world but technology is helping organizations to address customers better and get online
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digitally with a demand for cloud remaining very strong for us. emily: what's your take on the broadcom vmware deal and how will it change the landscape? thomas: they are both partners of google and we are thrilled they are looking at moving forward together. we think a lot of the stores are using a combination of those together with a strong program. cloud people migrate, so we look forward to continuing our work with both companies. emily: now, google cloud is still growing, as i said. but it is third to aws and microsoft and there is a lot of work to do to close the gap. what is the secret weapon going to be? how long will it take to see you get closer to those other competitors? thomas: we
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are seeing very strong demand for our products. whether it is new kinds of infrastructure that we are delivering, we are delivering infrastructure capabilities like telecommunications networks. the announcement with bell canada for example, lots of concentration outside security tools to protect people's networks and applications and data in the cloud and we are seeing very, very strong interest in analytics and data products that are being used. recently there was a case study about ups optimizing their truck routing using our capabilities for analytics and data. we remain focused on providing great solutions with customers and bringing the innovation of google to customers and doing so at scale around the world and if we do that well we will continue to grow and gain market share as we have been these last three years. emily: your recent
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sustainability survey found that 50% of executives believe there was hypocrisy in their organization on this topic. how so? thomas: what we found from the survey is that it is a super importance priority for 80% of organizations around the world. yet they have difficulty, 35 to 40% of organizations struggle with being able to measure their progress because the data about sustainability is not as easily measurable for a variety of reasons. a number of organizations now need help to progress towards their sustainability objectives and we at google are helping many organizations do that. emily: how do you make sure that hypocrisy doesn't exist at google? this has been a criticism of all the big cloud companies. for example you do sell your services to oil and gas companies.
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where do you draw the line? thomas: we sell services to oil and gas companies not for exploration or production but to the environmentally clean or green parts of these companies for the work they are doing. we are helping oil and gas companies d carbonized in a variety of different places. help them with things like distribution, etc., in their retail stores and other things, but we are not in the exploration production business. second, we do help many companies in the sustainable energy business. both i providing our technology to them and by being the largest procurer of renewable energy in the world. we power our data centers and our global network of cloud regions using green energy more and more and we think -- and we have been carbon neutral for 14 years now even as we provide
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technology for many organizations around the world, i.t. and a more renewable way. emily: does google still have that deal with aramco, for example? thomas: with their systems integration division, not the oil and gas division and we worked with them to provide technology to customers in different parts of the middle east. we have said that again and again, we don't work with the oil and gas division in aramco. emily: google recently struck a deal to enhance their cloud offerings. quickly, how would you characterize the cyber threat landscape right now in the midst of this ongoing war between russia and ukraine? thomas: it's changing in the kinds of threats, the scope of the threats, the scale of the attacks. along with the technology and
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detecting threats. anna -- analyzing whether they have been compromised. chronicling and simplifying a lot of those cybersecurity products. commercial customers, revelatory institutions, critical infrastructure around utilities. emily: ok. thomas kurian ritika gupta, --thomas kurian, ceo of google cloud, thank you for joining us for the update. giving women a seat at the table. specifically the cap table. i'm joined by heather norman and sarah fernandez, next. this is bloomberg. ♪
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emily: welcome back. venture capital firms like sequoia have been sharing their playbook on how to weather stormy market conditions. another element of fundamentals is ensuring fair representation on their cap table. my next guest found a way to raise their capital from all female investors and they are here to share their secret. great to have both of you here on the show. you managed to not just all women on the cap table, but 75 different female investors. how did you do it?
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>> let me tell you a story. as you know, people talk about fundraising is a very easy thing. we know it's not. it's stressful and arduous. when i finished last year, i called a friend karen for my victory lap. she said to me for 20 years, we have been talking about cap table diversity. how important it is to bring more women and women of color on the cap table and let's take this opportunity to make some space and find a way to drive that in this round and we made it happen. emily: you made it happen quickly. give us how because you have a lot of venture capital firms who say they can't find enough talented women to add his partners. -- to add as partners. >> what ended up happening is a couple of things. we are fortunate enough to be
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doing these jobs for 20 years. we are much younger than we look or older than we look. we reached into our networks and our networks are specific people at specific stages of their career. we reached out to a number of senior women in tech and actresses and people we knew were active angel investors then we took it further and said we want to use this as an opportunity. one in five americans solve is serving. to say reach out to a woman in your network who we may not know, ideally a woman of color, but someone who is just as talented as you who is either an angel investing or wants to get into it and invite them to join. it had a snowball effect. sort of like the freemasons who were groups of men were paul revere would yell to another group of men, he wasn't just yelling into the streets of boston and that's how the revolution spread.
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it's finding these loose connectors. one example is a woman named layla who is a longtime salesforce executive. she brought it into the black venture institute. a group of black angel investors and we had a lot of examples of that. emily: revolution is the perfect metaphor. if there is a blueprint for other startups, other founders who want to do this, what are three simple steps? you don't have a network that goes back 20 years. >> number one, decided to do it early. for me, it was the 11th hour and it caused the scramble and it was intimidating. decide early and align it early with your board and your internal team. number two, cap your networks. every founder has investors. you have professors, people in
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your world who are connected to others. it was managing that network that enabled us to do it quickly. third, find a backend partner. number four, set guidelines. in our world because we were trying to bring in new investors, we reduced the minimum 20, but we decided to do it over a constrained timetable. enabled us to meet the timetable quickly. emily: want to talk about the market environment because there's public market turmoil, startups are having trouble raising new rounds. we are seeing hiring freezes and even layoffs. in times of turmoil, often women take a step back. are you concerned that could happen now? >> yes, i am concerned. the message to put out there is
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that the great thing about venture is that we are building long-term trends. the problems we need to solve are bigger than ever. it's important that each individual understand the risk profile. you're going to allocate to venture capital, allocate a certain amount of money. whenever the right amount is for you, then divided into five or 10 investments and be thoughtful about where you want to place those investments knowing that no one of them may generate a return. rices are down, investors who start right now are deeply convicted. there is never been bigger problems to solve. a huge part of what came out of us, we did something just like this from angel city which was my first.
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the best time to take the right kind of risk with people you trust in the best way for your balance sheet. emily: thank you for bringing up angel city. u.s. soccer just signed a deal to split pay equally between the women's and men's teams. what was the secret to get that done and cannot be translate it to other sports and the skeptics are saying in soccer, the women you make the money? ask >> there is a terrific article that came out on this topic. a lawsuit, that case is what got me -- i started as an activist working with woman who led the charge and having extraordinary leadership taking the time to build the syndicate, someone
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like the head of the players union is critical. the women's world cup is negotiating their own sponsorship deal which will be half $1 billion. if all of this stuff builds on each other, the one thing i can tie this back to is my interest in supporting the pay equity fight which is how natalie portman and i came together led to this capitalist moment with angel city which led to solve. the most important thing is not just building wealth for women, book tilting the relationships. for us, this was the first transaction we did together and since then, we have done many more and we are pulling each other into each other's deals. advocates about finding joy in play and energy amongst the
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female and diverse relationships and holding each other accountable. to make it a possible side hustle and good things will happen. >> heather, solve is anything but a side hustle for you. how are the current conditions impacting your situation? right now, folks are saying the ipo window is closed. how are you navigating this time? >> what we do has never been more relevant. when i think about our value proposition for consumers, how can i be seen and how much does it cost, we are extruder early relevant. on the provider side, help
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innovative providers deliver a consumer first experience for consumers where they have experienced more digital first health care than ever, i am focused on the fundamentals and delivering value to consumers and providers in terms of our growth. as you do that, good things will happen. we are held -- here to build a sustainable company that builds real value and roi and this is a great environment to do that. emily: heather and karen, great to have you both here on the show. coming up, the impact of the collapse being felt among the crypto world. that's coming up. this is bloomberg.
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emily: tom now for a crypto report. altcoins leave the route. ed ludlow is back. >> heavy selling. declines between 11%, 17%, a lot of volatility. there's a lot of movement away from anything that is associated or has any residence of being associated with terra. emily: back that up.
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we have seen some big changes with terra. they are trying to save it. >> the terra blockchain, then you have -- the whole point of the platform is it allows traders to be nimble, to stay within it. it's supposed to be pegged to the dollar into the chart that you see is it has just seen a complete collapse. terra usd and luna. the other big point of it was it was supposed to give you a yield, a set interest rate review would have a really tasty return to keeping her assets within the blockchain. if that is collapsed, what we've seen among altcoins and ethereum and to a certain extent bitcoin is bearishness across the market. the demand for the ethereum block has dropped off. it shows nervousness. emily: why is bitcoin behaving differently? >> bitcoin has been hovering
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around 29,000 or $30,000 per token for some days or weeks. one theory is that it's like the haven asset within the world of crypto. if you want to stay within crypto, moving to bitcoin. the other problem we have is, it has a high correlation to stocks. in times when stocks are selling off, it increases. stocks have stopped selling off. >> what are the bulls waiting for? i haven't heard a lot of people saying by now. >> what is bitcoin? is it an inflation hedge? there has been no big move into bitcoin for that reason. you look at ethereum, there's a lot of technical analysis that it is stuck at $1800 per token. it can't go higher. it needs to push beyond $2000 per token.
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that's the severity of the plans we saw. we have paired the losses we saw, there's a lack of direction. they have tried to restart the terra block, they have tried to get the life back into this cryptocurrency and there's not a lot of evidence that it's going well. >> one guest said she expects this to last 12 months to 18 months and it's not going to get back to 60 for a while. >> we had folks from demos telling us we told you bitcoin would fall from 60 to 30 and it happened. it will go back up in a shorter timeframe. it's a little bit of where we going? >> what are you going to be watching tomorrow and through the weekend's jamar clark's this is a problem that we have we leave on friday and come back on monday and its 24/7. the asian session sunday night,
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you have the people that had the weekend to digest it. they get back to their desks in hong kong and singapore. sometimes crypto is 24/7 so that the media outlets will cover it. emily: coming up, the tech bubble. many are calling this long overdue. a portfolio manager is with us next.
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emily: our senior executive officer put it this way crypto flavored pyramid screams and all manner of naked opportunism have led us to the tech bust of 2022. so far this year, the s&p 500 has lost just under 1/5 of its value among the worst hit amazon, tesla, meta, and zoom. as -- has the tech bubble burst? what do you think? >> some air has definitely come out of the balloon. it has far from burst. this too much cash on balance sheets.
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a lot of technology companies have hardly tapped debt markets. there's still a ways to go. what is been interesting with this wholesale selloff is we have been putting companies into one of three buckets. you either have businesses big growers for 10 years that are hitting a wall, these are streamers like netflix, spotify that have to call their business models into question. you have this middle group of businesses like meta and amazon with a lot of e-commerce exposure. it's very clear that as the market goes up and down, the businesses will be affected. we will call them in the yellow category of let's see what e-commerce does and those businesses will do just fine. then the green category of business models proving to be resilient. you had thomas from the google
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cloud team earlier they couldn't stop smiling because cloud computing is doing so well in spite of the challenging environment. that is definitely the one area where we are spending the most time as investors because prices have come down on a lot of stocks. but all have exposure to the cloud computing segment. emily: let's talk about your strategy because your etf's down with the rest of the market. how are you evolving? >> we have been moving more into cloud computing businesses. we are very pure investors. we find big industries with a
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small number of competitors. we make sure that management is being responsible with how their allocating capital and making sure you're paying a fair price for it. being down 34% year-to-date is painful. that means we paid too much for some of the companies that we own. the most part, we are holding onto the businesses that we own. spotify is an example of a stock -- stock that we dropped because we don't believe in expansion into podcasts. we're continuing to move money into these cloud computing businesses and that's the beauty of being one of the early actively managed etf's is we can move between stocks without creating tax problems for investors. everything we do is transparent. emily: snap spooked a lot of investors. the market was shaking and its boots. how spooked for you by snap?
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the signal is sent about the macroenvironment and digital ad spaces? >> it was interesting to watch the market process the snap information. it was only one month since snap was just out public the reporting that they announced they were going to miss the low end of guidance. google and meta had a really bad day, but on the same day you heard service now there's a lot of investor days happening right now, they upped their five-year revenue target by $1 billion. investors are getting a lot of mixed signals. visa reported that while they are seeing variability, they don't think we're in a recession. you're getting a lot of different data points out there and clearly with what the market has done the past couple of days, people view this more as an idiosyncratic issue with snap. they had been growing users, but they have a declining share of usage relative to tiktok and reels on instagram.
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so far, we have seen the snapchat news be potentially isolating, but we aren't going to know for another six to eight weeks. emily: we saw a big broadcom deal announced today. where are you placing your bets for next week? there is so much talk that we are heading into a recession, this is going to be a long drawnout time of pain, then other signs that maybe it's just a blip. >> it's very noisy. you are right that this is just the beginning of a wave of acquisitions. i think it is extremely reasonable to assume that the second half of this year will have an even faster pace of acquisitions. there's too much cash sitting on corporate balance sheets and
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their are too many valuations that are attractive. if you are google and you're sitting there wondering how to turn google images into pinterest, this could take a few years or we could go by the company. that is something that wasn't in the cards a couple of years ago when prices were too high. when you have these larger businesses whose growth rates are slowing with smaller businesses that still have penetrated growth rates, snapchat might be a for sale. $15 billion for one of the world very few social networks that works internationally. it's going to be really interesting conversation for a lot of these assets that are pretty unique and we will see how it goes. emily: you just gave our print reporters some homework. as always, great to have you. that does it for this edition of bloomberg technology. the solarwinds ceo will be joining us to talk fiber
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tomorrow. ♪
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