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emily: i'm emily chang in san francisco and this is bloomberg technology. coming up, it is a date. apple's next big product unveiling is set for september 7 according to bloomberg sources. details on the new mac, ipad, and iphone. we will see plus, meta-rolls out its old playbook for a new round of midterm elections. we talk about whether it is enough to fight the latest trends in misinformation and disinformation. and record revenues in shipping, but seeing a slowdown. i ask a ceo if he shares that sentiment. we will get all of that but first i want to get a look at the markets. u.s. stocks falling for the first time in four days. christine? christine: it is fed minutes day and we got another reminder that more rate hikes are coming. that means higher yields and bad news for tech. let's look at the broad tech sector. the nasdaq 100 and the faang indexes falling for a second straight day, falling more than 1%. it has been a week since we have seen declines of that magnitude. we are seeing asset rotation here. we are hearing from investors that they are preparing to load up with treasuries as they are getting to the cheaper levels. that usually happens at the expense of these high valuation tech stocks. all of that also weighing on chips today. look at the philadelphia semiconductor index extending its two day decline to about 3.5%. before the fed minutes, we also got bad news out of china earlier this week. that is taking a double whinny toll on the index, down about 25% year-to-date. let's look at some interesting corporate stories today. we have quite a few. bed, bath & beyond continuing its retail-fueled surge. that trade is back with a vengeance. i want to turn our attention to another stock on this board. it is manchester united, which his rallying -- which is rallying way bit. if you are wondering, what does that have to do with tech -- it is by way of elon musk, who tweeted about potentially buying this english football club. but hours later clarified it was just a joke. still, the stock finished the day higher by nearly 7%. emily: a joke indeed. another one. thank you for that. a number of high-profile venture capitalists and entrepreneurs are meeting in los angeles for l.a. tech week. it includes names like marc andreessen. for a better sense of the sentiment there, i want to bring in the zillow co-founder and 75 anthony founder spencer rakov. if we were to take the temperature of the markets it is , anything but 75 and sunny. what is the temperature in l.a., the market temperature? spencer: it is hot. we are not going to let a weak couple of days in the stock market damper the enthusiasm for tech in los angeles. it is a really exciting time. the conference this week, it was kind of an un-conference. we announced it to the community a couple of weeks ago and that we have over 300 events -- and we have over 300 events and 16,000 people, many of whom come from other areas, filled with enthusiasm and excitement. it is a boom time here. emily: tech has been changing. we talked about the movement away from silicon valley. but now, with more distribute it -- distributed work, remote work what is the power of the , l.a. tech hub? spencer: l.a. is the intersection of media, entertainment, pop culture, commerce. it is where taste makers live. the 20,000 people that decide what is cool for the rest of the country, the rest of the world -- they live in l.a. this is work culture happens. now, you have this convergence of media through streaming and studios, which are tech companies increasingly. media entertainment, pop culture is very strong in the tech community here but it should be remembered that l.a. has a fifty-year manufacturing history in aerospace, heavy equipment, technology. incredible universities. it has now cemented itself as the number two tech hub behind the bay area. the l.a. tech community's goal is to get you someday to move your show from the bay area to talk about how l.a. is the tech center of the country and hopefully the world. emily: it is a wonderful idea, spencer. i can't say we have not thought about it. you will be my first phone call when that happens. look -- it's dreary. there is a lot of red on the screen when you look at the markets almost every day. how is this impacting your strategy? spencer: we are in the midst of a venture winter. venture firms have pulled back. the hedge funds the crossover investors that were leading all of the high price series rounds, they have moved out of private. they are hiding under their desk or they are focused on the public markets. that chill has moved upstream to earlier stage companies. companies are doing inside rounds, flat rounds, cutting back on marketing expense, cutting headcount, and adjusting for this new winter. i am old enough now to have been through several cycles -- 2008, 2001. great companies can get creative during these down cycles. they just have to make sure they survive. customer behavior changes. corporation behavior changes during this period of change, and during recessions. a lot of great things come out of them. but you are seeing venture capitalists adjust. emily: i know andreessen horowitz has a big presence down there, and they are the target of a lot of chatter in silicon valley. marc andreessen writing the firm's biggest check ever to adam neumann, the founder of we work. some people are pretty unhappy about this. we spoke to a young founder and i want you to listen to what she had to say. >> you have to feel that rage when you are part of that community that is just historically blocked from accessing funding. what is a major, prestigious investment house doing backing fraud a second time? there is no excuse for that, and there has to be the ability to separate what is a good business idea that has the potential to be a good investment. from the person who is behind that idea and executing on it. emily: spencer, i'm going to leave it open ended. what is your take? spencer: there is a lot of commentary and discussion about that topic. i was very surprised by the size of the check. for a seed round, that is enormous by any standard. i don't know adam neumann. i suspect the team at andreessen horowitz had a hard look in the eye with him and said, have you been humbled? are you now coachable? did you learn from mistakes you made? and they look past those mistakes and said here is somebody who has revolutionized a huge category -- commercial real estate, and who has created a very large, successful, publicly traded company, which was a roller coaster. it went up. it went down. but it is still a $5 billion public company today. i suspect he convinced andreessen horowitz he learned from his mistakes. the commentary from that founder is absolutely right. it speaks to the fact that there it is a lack of diversity, equity, and inclusion. you wrote a book on this. this is still a serious issue in tech. she is right to express outrage from her perspective about that. i think that is what andreessen horowitz is expecting when they decided to back adam neumann again. he learned from his mistakes and be a different type of founder or different type of leader the second time. emily: it does speak to a pattern that we have seen in silicon valley, time and again. i'm curious what you think of his idea as someone who also founded the company in real estate. his idea to revolutionize residential, real estate apartments. is he that visionary to you? spencer: it is interesting. for viewers who do not know, he is trying to create a branded multifamily product. think about what w hotels is for hospitality. this company would be to apartments. most apartment buildings are unbranded. they are just named the address. it is in an interesting -- uninteresting experience. he is trying to create we work for apartment living. but i don't know is if the margins of managing a multifamily apartment building can support the accoutrements that he needs to build to create that community. i was talking to an investor last night who is much more experienced in multifamily real estate investing than i am. this person was very bearish on the idea, said it would never work. there is not enough margin in managing. other advantages to the tenant. this investor was very negative on it. i am not close enough to have a personal opinion about it. but as a user, as a tenant, as a homeowner, i would agree that there is -- there does seem to be there there. it is a problem renters have. emily: you and i could go on about this for hours but we can do that offline could -- do that off-line. i do want to get your take on the market dynamics, the housing market dynamics. do you think that the downturn that we are going through will delay innovation in the housing industry? the hope, which is what you were trying to do with zillow, is make transactions easier for homebuyers. will all of this tumult put this off? spencer: the downturn in housing is scaring venture capital investors from putting money in the category. 75 and sunny, my venture firm, has about 100 investments. about of court of which are in prop tech. i am a very active prop tech investor. vc's are put off and scared because the public costs have come down so much. zillow is at a 7, 8, 9 year low. that weighs on investor mindset. and sentiment. so yes, it could dampen innovation, because there will be fewer startups in prop tech getting funded. the good news is, if you are a prop tech, like picasso, one of my other companies, that has raised venture capital and has a product on the market, this is a great time to gobble up market share, because competitors probably won't be able to get funded. like i have seen in other cycles in 2008, for example, when zillow benefited from the 2008 recession because they were already funded and on the racetrack and others could not get funding, great companies can be built during this down cycle. emily: a question about spac's. you were part of a spac goldrush your offer, -- your spec, offer pad, i don't think it is where you wanted it to be. we have had a number of spac cancellations. was this too good to be through? or was this needing a better market? spencer: i did do a spac with righetti computer and with opera pad, and neither are trading where i want them to be. there is a long way to go for those companies to live up to their full potential. the spac craze is over, i think. investor sentiment has soured on the product. i still think there is a place for that product. in particular, if a private company wants to get public right now, a spac merger is the only way to do it, because the regular ipo process is totally shut right now. there is still a role for spac 's, but it is smaller than a couple of years ago, when the advantages were more clear relative to a traditional ipo. emily: i will let you get back to your very hot and sunny 75 weather over there. coming up, apple's brand-new iphone coming up this september. that and much more. all the details of what we know. this is bloomberg. ? as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities... ...helping us all move forward financially. pnc bank: see how we can make a difference for you. emily: apple is kicking up a busy fall product season with new iphones and ipads, and three models of the apple watch. the event will only be streamed online. let's get more on this with mark gurman who covers all things apple for us. what do we know? >> the event is currently being planned for wednesday, september 7. a little rare for apple. they usually like to hold their events on a tuesday, but labor day is that monday. the blocking off that tuesday as a travel day. not only is it going to be streamed online, but they will -- we are probably two weeks away from this event being announced. in all likelihood, the center of the event will be the iphone team line along with the apple watch series eight. looking forward to those products and what is in store. emily: when will the product be available? mark: you will see apple do an initial launch on a friday nine days after the announcement, probably for the iphone 14 line. will see four models. you will see entry-level versions of the 14, and pro models. the big thing this year is the mini is going away. instead there will be a max, a 6.7 inch version of the non-pro phone. it will be pricier than normal, but i think it will be especially popular because of that enhanced screen size. emily: we have talked about inflation, consumers under pressure, difficult market dynamics. it is now the right time for apple to be updating its flagship product? mark: absolutely. apple updates its iphone every september or october. they have done that since shifting the release schedule in 2011. there is no way up was not going to update their devices. the people who are able to buy them are going to buy them. as usual, you will see new trade-in deals. i think i mentioned this on the show last year. i had the iphone 12. in 2020, i was able to get the 13 not only for free, but i think i got about $75 cash in my pocket extra for trading in. they have aggressive trade-in deals like last year, i think they are going to shake out pretty fine. emily: you also had a story out today on netflix, more details about the ad-supported plan, what will be included or won't be included. what do we know? mark: investors and consumers of netflix have been interested in this ad supported tier. netflix can cost up to $20 a month for the top tier 4k plan with multiple screens. with ads, it will cost less but they will offset it with advertising. what we learned today based on code inside the netflix iphone app is not only are they underway on revamping to support this, but we know they are not going to support downloads for off-line viewing. a super popular feature. i have used it before. if you are hopping on a plane and you want to download some shows to wash in her cross-country flight, this will not happen. emily: thanks for your great reporting. mark gurman. coming up, midterm elections are a few months away. -- a few weeks away. his social media ready? have companies learn from their mistakes? this is bloomberg. ? emily: with midterm elections approaching, meta-is rolling out its plan to tackle misinformation. after years of updating its election strategy, the social media giant is sticking with familiar tactics, the same tactics we saw in the 2020 general election, which was marred by conspiracies and culminated in the january 6 insurrection at the u.s. capitol. alex barinka covers social media for us. talk to us about what meta is planning to do and what if anything is different from 2020. alex: they are very focused on misinformation. they will remove posts and ads that have to do with wrong logistics on voting, that incite violence based on the outcome of an election and also making sure in the week prior to the close of the polls, they will not actually add any new lytic liber or ties meant or allowed to political advertisements. the reason, that will give sufficient time for folks to process and potentially fact-check if there is any misinformation on the plan. bottom line is misinformation logistics is the focus. emily: the question is, is it going to work? are they any more prepared than the were in 2020 for tactics that will surely have evolved? alex: we had an opportunity to talk to their help policy boss, nick clegg. he said we have spent the last six years you won't me the tactics we have. we feel good about what we had in 2020. we have had med some iterations but he insists the company will not be complacent. he said they are sure they will see some new things they need to combat this year. if the goal is to remove misinformation from the platform and stay ahead of things, i expect it will still kind of the this game of whack-a-mole where you see bad actors putting out information. it needs to be taken down. they may change the language. it needs to be taken down. which would be as the tune is for this year, pretty consistent with what we saw in 2020. emily: how is what facebook is planning to do compared to cocalico alex: meta is kind of unique compared to tiktok and twitter in the they do allow lytic lever ties been spared tiktok and twitter do not allow political ads on the platform. meta also has this unique stance they will not fact-check ads. that has been a controversial stance for them. that is kind of the main difference of their. when you look at something like tiktok, tiktok will that organic posts since they don't allow ads and things that are unverified from the platform. fact checkers will allow good information they deem good to go through on tiktok. that formation will be taken down. anything not verified will be suppressed from the four you feed, the main feed where people discover things. that is probably the biggest difference here is the lever of suppression tiktok has two make sure information that is not fully verified or they cannot say one way or another does not necessarily garner as big of an audience as a piece of content normally could emily: it is hard enough in english. are they think he about handling these issues in other languages, say russian? alex: meta did not talk a lot about russian language this go around. what they did talk about was adding additional spanish-language fact checkers. half of them are spanish because with a soul in the 2020 general election was a lot of news and metairie in spanish so they felt they needed to add some extra -- some external partners to focus on that language. no mention of russian for the u.s. audience but they are adding that additional language for the selection. emily: alex barinka, as always, appreciate you stopping by. thank you. coming up, conversation with rene haas about an chips and ipo's. this is bloomberg. ? >> due to the macroeconomic uncertainties, high-level stock inventories across various market segments, those inventories are being adjusted down. that is leading to reduced demand in the quarter. emily: that was the micron ceo earlier this month on the slowdown in semiconductor demand. it was tough to find in the latest earnings report. the chipmaker reported record first quarter revenue as its diversification into cars and infrastructure started to pay off. here to discuss, rene haas. we have heard from a lot of chip makers the their numbers have not been good. rene: q1 was good for us. we had record revenue, record royalties, over $400 million in royalties. we had never done anything close to that before. for us largely has been the result of the different -- the diversification of our business. arm was largely known for smart phones a couple of years ago. now, we are in the cloud, networking, industrial, iot, automotive. all those markets have been strong. the result is a really good quarter for us. emily: are you seeing any signs of a slowdown? rene: some, but in areas like automotive, the cloud, networking, still really strong. you are seeing some in pc's. we are seeing more and more arm compute in these devices, so our results have been strong. emily: what are investors saying about the company as you are getting ready to go public? rene: not much i can say about the process, but i think the result speaks for itself. emily: aws is obviously leading the way. what kind of progress are you making and what kind of market share do you think arm could potentially get to? rene: we are growing. i would not want to speculate how large our market share could get. some of the fundamentals we bring are really important. that is really around efficiency. when you build a data center, there is only so much square footage. compute performance matters. compute efficiency really matters. it is an area we are really good at. we are seeing what aws is doing, and other partners. microsoft, google -- major announcements on arm. emily: you have been working hard to grow pc market share. obviously, apple has helped. what about windows? rene: i think you are seeing more and more of it. the laptops and interfaces are terrific in terms of battery life, in terms of performance. they don't need fans. i think you will see the windows ecosystem moving to arm pretty soon. emily: chip stocks, the market has not been kind to them. what is your outlook? what in your view will differentiate arm from the pack? rene: i can't predict with the -- what the stock market was going to do. if i was, i would be on one of your earlier shows. we have a will to your business but we also have a licensing business which is really about design wins. the canary in the coal mine, new design starts, that is as strong as it has ever been. we are seeing a lot of investment in r&d, in the cloud, in iot, smartphones. going forward, the secular trends, we are very bullish on that. we are seeing licensing activity which is an indicator of investment r&d has never been better. emily: i know you cannot talk specifically about the ipo, but what has the volatility meant for your strategy and your plans? you have to be watching the market dynamics and wondering if now is the right time. many people are saying the ipo window is closed right now. rene: i can't speak about the ipo process. there have been downturns in history. what is different about this one is we are not seen people tap the brakes relative to new investment. we are not seeing people tap the brakes on r&d. for us, the license we do today they end up in products three or , four years down the road. the royalties we are seeing today as a result of design wins . four years ago, we see continued strong demand for our products. what -- emily: talk about china. continuing tensions in u.s.-china relations. more restrictions from the u.s. side, about doing business in china. we have seen with the arm advantage how difficult it is to run a joint venture there. how are you navigating that given arm is in a very unique geographic, geopolitical position, how do you navigate that without upsetting washington and beijing? rene: we are in a unique space. when the u.s. put some restrictions around entities or companies that cannot be shipped to that require licenses, like any other company, we have to apply for a license, adhere to the compliance rules. we are different from traditional u.s. companies because the rules come down to the nature of the u.s. content, the percentage of u.s. engineers working on the product. the majority of arm engineers are not in the united states. the majority are in europe, mostly in the u.k. we are generally not as impacted in these areas. when we need to comply, we will. when we have to apply for a license, we do what other companies do. emily: what is your view on the supply chain and how the covid restrictions in china will continue to impact -- continue to impact the supply? rene: it is hard to predict because the shutdowns are sudden. they don't come with much warning. it does not take a lot for a section of the country to shut down and the next thing you know, you cannot get a port open and ship product. i think the supply chain perturbations are with us for a while. the world was very accustomed to the old normal. the world was flat. we had epic, no skirmishes cross-border. we live in a different time. think it will exist for a while. emily: what does that change, the business, to navigate that, or can you? rene: we don't build products. we license ip. we ship blueprints to companies who build chips. emily: what about your customers? rene: we're watching very closely. we want to make sure we can apply the product they need at the time they need to have it to ship. ultimately, we are beholden to what the supply chain looks like. we continue to see people doing more and more designs. not slowing down. no one is saying i will push the product out by six months because i am sitting on inventory. our partners don't think that way. it is about innovating as fast as possible because the demand cycle is so strong. emily: there is concern that the demand cycle does not keep up. demand is high. are we going to continue to see supply issues? how long will those last? rene: i think we will see it until the world gets to a new normal of understanding the buying patterns, the forecasting patterns. let's take system on chip. you may be able to get enough die from tsmc but if you cannot get enough substrate, you're going to have a problem. i think it is with us for a while. emily: where is arm a year from now? rene: hopefully with you talking about record revenues, record royalties, record design wins. i'm hoping the momentum continues. i'm confident. emily: and will you be public? i had to try one more time. [laughter] it is good to have you back, thank you. coming up, coin fund's brand-new web three venture fund. we are going to talk about where they are placing their bets. managing partner david paquin, next. this is bloomberg. ? emily: time for our crypto report. even though the market may not be as bullish as last year, coinfund is announcing a $300 million web three venture fund, backed by institutional investors and crypto native founders. i want to bring in david pakman, managing partner and head of venture investing at coinfund now. we have been talking about a lot of dry powder out there with the market downturn. a lot of investors right now having to sit on the sidelines. why launch this now? david: this is not our first bear market in crypto. it is our third one. coinfund has been investing in crypto since 2015. we launched our second seed fund in the depths of the 2018 bear market. that fund has done really well. we have three seed funds now. we are launching this venture fund focused on projects and companies. but in our view, this is probably the largest economic value creation opportunity we have ever seen in tech -- bigger than web one, bigger than web two. we are rearranging the entire value stack of software built on top of decentralized blockchain's. crypto is going to eat the global financial system. nft's are going to rebuild the way we monetize intellectual property. that is a huge opportunity set. independent of where we are in market cycles, we think crypto is the best place to be making tech investments. emily: what is your unique approach? where and how do you plan to place your bets differently than all of the other dry powder out there? david: we have seen a retraction in the number of crypto investors out there. there are a group of crypto native investors like us, who only invest in crypto and blockchain's and the technology around web three. many of the traditional venture firms and hedge funds that started digging into crypto have pulled back, leaving ample opportunity for us to make investments. we invest along the entire waterfront of crypto -- everything from layer one blockchain to the infrastructure stack. we invest at the nft and gaming levels where the creators of the nft standard and one of the most accessible crypto collectible companies. we invest in stablecoin and asset management. and really all the different places where crypto is starting to see evidence of mainstream adoption. i think the differentiating factor between us and other investors is we are crypto native. we only focus on crypto. and we have super deep technical depth. we help them architect. we are value added. we're helping people build companies. emily: you are on the board of the largest nft marketplace. you cofounded apple music group back in 1995. i'm curious what you see at the intersection of nft's and music. there is so much resentment in the music industry about others having the power rather than the artists themselves. could this somehow resolve that tension? david: for all intellectual property, nft's who's in a way -- the 50's create a way to sell scarce assets, collectibles that can become more interesting or rare or develop more attributes over time. that will be true for music. it has been heavily true for pictures and videos, where we have sold more than $30 billion of nft's in the two years since they have been created, making nft's the most successful consumer product released since the invention of the smartphone. this has been an overwhelmingly successful new product category. for music, it has been small. we have not seen significant traction around music nft's, but we will. before the internet, music was scarce. you could only have a limited number of pressings of vinyl or rare items that people collected. but once music went digital, there is no scarcity anymore. the stream of music is ephemeral and there is nothing to collect. nft's put the collectibility back into intellectual-property, and music will not be left in the cold. i think artists are looking for ways to monetize their fan base and increase engagement. i think they will do that through nft's, but it is early. i think there is only limited evidence of music success anywhere near the scale of what we see elsewhere in nft's. emily: a lot of people listen to music. don't know what crypto is. don't understand nft's. i wonder in the future -- could crypto be the new platform or a more valuable platform than tiktok or youtube as a way to build or amplify the following? david: the web to business model is to sell attention, to pump videos into feeds and keep people glued, and monetize them through selling their data effectively to advertisers, or data-driven advertising. that is not a great model for content creators. you don't make a lot of money from it. the web three model is to create scarce limited-edition digital collectibles that can be purchased by the fans in any medium. you can get much higher revenue per user. one of the most exciting things about nft's is that the average nft buyer spends between $300 and $900 per year on nft's. that compares super favorably to people who spend $180 a year on netflix or less than 60 a year on spotify. people are willing to spend more on digital collectibles. that is a business model that people who are creators will embrace. emily: how do you see the music industry 10 years out? what will be different about it? what will you invest in, to maybe benefit from it? david: to build digital collect -- collectibles or any digital intellectual property, there is a lot of software. we call that protocols. we are investing in a lot of the marketplaces and protocols on which nft's are created and sold. think of it as nft infrastructure. there are examples of nft products that have come to market have been very successful. we have invested in nba topshop, which is a basketball collectors game created by dapper labs. our intention is to invest up-and-down the stack. we have a portfolio company called metaverse oh that does that. one of the big questions for music is, will the artists release their own creative works digitally through nft's themselves, or will they continue to sell their rights to record labels and have those labels do it for them? if they choose the latter half, it will maintain the status quo of the music industry value chain. but if they monetize themselves, by selling through very low cost marketplaces to their fans, they can have more control over their careers, and also creators can have more money. emily: absolutely fascinating. thank you for laying out a different view of the future. david pakman, coinfund managing partner. coming up, tencent is getting a -- is saying a report about stake in may 1 is incorrect but . have they really denied it? this is bloomberg. ? emily: tencent has a report that the company intends to sell all or much of its $24 billion state -- billion stake in food delivery company says it is incorrect. as i understand it, tencent did not actually deny the report. help us make sense of this. >> there are many reasons companies nia story. the strategy officer said the story yesterday is inaccurate. but if you think about the strategy tencent has been working on since last year, overall in china you are seeing that antitrust is becoming a bigger issue. the chinese government has said they don't want any one technology company to have too much influence in society. it would make a lot of sense for tencent to divest their stake in meituan, but we saw meituan sto cks tank after the report and now that the statement has gone out, it has come back up. we are following the story out of asia and the u.s., but there could be more behind it. emily: if there is some truth here and something like this happens, what would be the significance of that? >> chinese companies, as of two years ago have not really had any antitrust concern. if you are a chinese tech company, your strategy has been to build, just to grow. a lot of tencent's investments have spanned all sectors. you have delivery, grocery, instant messaging apps. in terms of information, in terms of reach, tencent has been shown in tapping into all these sectors. now you are seeing it is taking a more western approach, the government, saying no one company can be that big. it could really kick off a flurry of deals. tencent and alibaba could be the first targets. alibaba, we have already seen they have run into scrutiny with the government. it would not be surprising if tencent goes in the same direction. emily: how does the chinese government's recent crackdown on tech over the last several years play into this? crystal: we have seen that play out in many ways. the didi ipo is a good example. the government told them a foreign listing is not the best option for you. it could be telling big tech companies to sell stakes in other companies, or retain controls in china, onshore, instead of letting them raise capital elsewhere. we have been seeing a lot less foreign listing. there has not been really any chinese listings in the u.s. we have seen how multiple chinese companies that have u.s.-listed vehicles have announced delisting plans. in many ways, the chinese capital market is becoming more closed off. as a country, they are really protecting their technology a lot more. emily: obviously, there has been a lot of volatility in u.s. markets. are we seeing the same thing in china markets when it comes to chinese ipo's, chinese listings? is the window closed? crystal: if you look at tencent and meituan, those two stocks are down 10%, 25% year to date. it sounds bad, but compared to tech companies in the u.s., those are down. -- those are probably down double or triple that. the u.s. capital market is actually more closed off right now more inactive than the hong kong or shanghai capital market. if more of these follow-on trades come to the u.s., we could see more ipo trade as well. emily: thanks for that update. that does it for this edition of bloomberg technology. coming up thursday, we will hear from the cofounder of hulu ventures, miriam rivera, talking about her investment strategy and how it is changing in a recession. and don't forget to check out our podcast wherever you get your podcasts. i'm emily chang in san francisco. this is bloomberg. ? millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its eis a paid presentation furnished by rare collectibles tv, llc.
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