Just how high can the great firewall in china really go . But first, to our top story, the u. S. Government is increasing its scrutiny of big Tech Companies. On top of the department of justice and federal trade commission dividing oversight for possible probes into google, facebook, apple, and amazon, the house judiciary says it will spearhead its own investigation into possible antitrust practices. House lawmakers plan to hold hearings on the matter, a move endorsed by House Majority leader nancy pelosi, who had this warning. Unwarranted, concentrated power in the hands of a few is dangerous to democracy, especially when digital platforms control content. The era of selfregulation is over. Joining me to discuss is our bloomberg tech correspondent. What is the latest Development Today in all of these potential or actual investigations . The only sort of publicly confirmed new investigation is the one you mentioned coming out of congress. The doj and ftc have not even confirmed reporting that we and others have put out there that they have divvied up the four big Tech Companies. And they are preparing their own antitrust investigations. The companies have not confirmed it either. The companies have reached out and are trying to figure out what is going on. I have reported about exactly what is going on. At this point, we should probably be careful and not necessarily say that this is the new microsoft antitrust case or the new big at t antitrust case. But it does feel different. Just the way that the conversation is coming around. If you look back at the last year or two years, politicians on both sides of the aisle are talking about antitrust. It is just obvious that these point at this point that these agencies want to do something about it but we are not sure what it will look like. Emily certain sources i have spoken to, legal sources who understand how this work, say it is more likely that these agencies could take a look at these Companies Given that they have divided oversight. But also given that they which are the responsibilities. But do we have a sense of how much more serious really these potential investigations or potential actions could be today, now 24 hours into this . Gerrit i think dividing them up is a sign that this is real. Over the past few months, reports of meetings, conversations, lawmakers asking agencies to jump into this. It shows that those requests and theseheard organizations are getting the gears turning toward these Tech Companies. The questions come down to how are the Tech Companies responding . They are in a bit of a wait and see because they dont quite know what to expect yet. Emily lets talk about alphabet. Alphabet has been the target of various investigations in europe. They have paid i believe three huge fines. There has been some speculation that alphabet could be the most vulnerable here given what we have already seen in the eu. Is that the case in the United States . Gerrit i would hesitate to say that alphabet is the most vulnerable. When you look at some of the public rancor, i would say facebook has borne the brunt of some of the attention of both politicians, advocates, as well as consumers. It is true that alphabet has had to pay upwards of 8 billion euros in fines, that is nearly 9 billion or 10 billion in u. S. Over the last few years. Dollars they have also kind of honed their playbook. The big question is, you had that nancy pelosi quote was talking about these companies being big and their economic power being dangerous in it of itself. The last years in the u. S. , that really hasnt been an issue. Regulators have not been concerned with size, they have been concerned for prices for consumers and consumer welfare. These companies have helped consumers, helped bring down prices for services. Things like google search, gmail, they are free. In terms of products, they are great. We of course pay with our data. The question of Consumer Price is sort of up in the air. What we are curious about, has the u. S. Legal system, government system change the way it is thinking about antitrust just go after these companies for their size rather than their effect on the end consumer . Emily in the meantime, google also has an app store, the most popular operating system, the android operating system. That said a majority of users use it. That said, we saw developers sue apple for antitrust. Apple is under the microscope intentionally from the doj but also senator Elizabeth Warren has called out the app store and whether or not that model is anticompetitive. Tim cook, the ceo of apple, pushed back on that today with cbs saying we are not a monopoly. In fact, apple only has 30 of Smartphone Market share. What is the difference between the Apple App Store and the Google Play Store . Gerrit in some ways they are similar. They face the thing challenges. They charge that same 30 fee to anyone who wants to sell anything on their marketplace. They are the two main app stores , at least in the United States, and other western countries. Theres a lot more when you go to china but thats a different story. In the u. S. , they obviously are the only way to download apps. There are some more kind of complicated ways to download apps but most people download them through the app store. And if you want to sell on those, you have to pay to 30 for that 30 fee. I think a lot of outside observers, that 30 fee is likely to come down. Its really difficult to keep justifying it. Emily we will keep following these stories. Bloombergs gerrit de vynck will have more later on the show. Salesforce gave a quarterly estimate with top wall street estimates that they will continue to see rapid growth. Marc benioff has just new markets to reach an annual Revenue Growth of 26 to 28 billion by 2023. Salesforce continuing to expand by hiring more workers in the u. S. And around the world. Tracking productivity and data integration. Coming up, uber has had a rough start as a Public Company but the ceo of the private equity firm General Atlantic thinks its still a critical milestone. Has to say about the transition from private to public, next. This is bloomberg. Emily some would consider ubers ipo to be a bit of a disappointment but bill ford, the head of the private equity firm, said it wasnt despite the plunge in sales. He spoke with our erik schatzker. This is that the bloomberg invest in new york conference. Bill i think the lesson is, or what is happening, is more of the growth of these companies is happening in the private market rather than a Public Market. Uber, if you step back and talk about a 60 billionplus valuation, what an incredible accomplishment. So much of that happened in the private market. I think it is a reason why so many Institutional Investors and Retail Investors say i have to get exposure to private markets if i want to participate in the most interesting innovations, and with the most interesting entrepreneurs. Investoras an uber dating back to 2015. You enjoyed some of that appreciation while the company was private. Do you look at the ipo and call it a disappointment . Bill i dont. I talked about it as a milestone of companies development. They still have to work their way in the Business Model for profitability. They talked a lot about that on their earnings call. The end of theas road, i see it as an important milestone. I think it is an important achievement making that Company Available to public investors. I think it has got a long rate long way to go. If you could reedit the movie thus far, how would it look different . Bill the only thing i would have probably done differently is maybe push the governance transition in the move to a professional ceo a little bit earlier. I think some of the challenges that they are dealing with today, or they dealt with over the last year would have been dealt with a year or two earlier. The on that, i think they have done a great job. Erik you raise an interesting point about an ipo for a company like uber being a milestone. At the same time, we have acknowledge, at least under the current construct, so much more value is created well the company is private. What future does that leave for the Public Market . It raises some existential questions about the purpose of the Public Market and why people would participate there and if you had a choice, why you would want to be in the Public Market if you can be in the private market . Bill if we go back, when i started in the business 25 years ago, the Public Market was a source of capital because the private market was small, the Growth Equity market was smaller, and the buyout business was growing. The publicappen in markets. If you wanted a twoyear growth to the future. Now, capital is widely available in the private market. What ceos are realizing is that they can accomplish a lot more as a private company, and forestall the distraction of quarterly earnings, meeting with investors, that management time that gets taken away to manage being a Public Company. That is a shift. I think there are positives and negatives. Emily that was bill ford, ceo of General Atlantic. Sticking with uber, in the wake of washingtons antitrust, weve learned about yet another investigation. The Internal Revenue service is now examining the ridesharing companys taxes for 2013 and 2014. According to a company filing. We are joined by bloomberg techs eric newcomer. Who of course covers over. How serious uber. How serious is this investigation . Eric i think it shows that regulators have looked at every piece of uber. In 2013, 2014. It is hard to know how serious it is. Uber has a very interesting financial situation. It lost 10 billion in operating losses over the last few years. This is a moneylosing company that was very new, they had to figure out how to do its accounting. We will have to see over time what the irs finds. It speaks to a broader array of inquiries that this company has faced. We dont know definitively where they netted out, if they did. Emily does this mean they could eventually pay more taxes in certain jurisdictions, or that they could end up with a huge fine . Eric there are lots of questions about ubers taxes. A lot of it is the carryforward. They are losing so much money now, and the hope is that the day they turn a profit, they can use a lot these losses to mitigate future taxes. A lot of the questions are around those carryforwards. They set up their taxes in the netherlands trying to avoid some taxes and the rules have changed. It is a constantly shifting ground for uber. The question here is, with those profits so far away, the tax situation when it does turn a profit is filled with a lot of uncertainty. Emily we heard from the ceo of General Atlantic, who also happens to be an uber investor, talking optimistically about uber. We had some analysts coming out today rating the company as a buy. Some of the has slipped. Some analysts are signaling preference for uber over lyft. Eric i think it is hard to read too much into it. There was so much excitement ahead of the ipo. I think there are a lot of people who still buy into the story we were talking about before uber struggled on the Public Markets. The banks and many who worked with uber on this ipo are coming out and giving it a buy rating. Obviously theres a lot of thought that goes into that. Figuring out the uber investment, there is this huge tradeoff between buying into the belief that the Transportation Industry will change overall versus a closer analysis of the losses. That is a big bet to make. Emily bloomberg techs eric newcomer, thanks for stopping by. Coming up, the Trump Administration may have secured a new weapon in its fight against huawei. How european customers are helping the u. S. Turn the screws on the company. We are livestreaming on twitter. You can check us out at technology. Beecher be sure to follow our breaking news network tictoc on twitter. This is bloomberg. Emily as big Tech Companies brace for increasing regulation in the United States. Our own scarlet fu spoke with cofounder and chairman about whether he thinks bigger is still better in the current landscape. Take a listen. By and large, i am very bullish on u. S. Trade. There are a lot of things we do with the u. S. U. S. Are a lot of companies whether it is planes or software. I am very optimistic about the future of u. S. Trade. Scarlet it may be a bit rocky getting there. Fundamentally it is good. Scarlet if i recall correctly, infosys relies on the u. S. For about 60 of its revenue. Does this impact you directly . Nandan not really. We are hiring 10,000 people in the u. S. We are setting up six innovation hubs across the country. A terrific response from local governments, governors, even from the federal administration. I think the fact that we are working on creating jobs here, hiring young people, training them, that is working very well, and i think we have a great reputation for job creation in the u. S. Scarlet do you feel like you have an open line to the government to make sure visas are a two way street . And its possible to bring talent over . I think the fact that we are so doing so many things are working out. Scarlet i want to get your thoughts on the u. S. Increasing oversight on various technology companies. We have been hearing about how facebook, google, apple, perhaps even amazon are caught up in this. We have seen europe tightened its grip on these industries. While this shape the landscape for big Tech Companies overall . Nandan it is early days yet and we dont know exactly where this will go, but it is true that there seems to be more interest in these issues. But i think it is very early to comment. Scarlet is being big a good thing or bad thing in this day and age . Nandan i think being big is important. Scale benefits. We have platforms that have billions of users. It is important to have scale. Scarlet lets talk a little bit about Prime MinisterNarendra Modis victory. Last month saw a landslide victory for the Prime Minister. How do you see modi using his mandate . Nandan i hope it will be used for economic reform. India is wellplaced for reform like simplifying labor laws, getting the Banking Sector back on track. Creating jobs. A lot of the things we have dealt with. I am hopeful that with this majority and a clear mandate, they will do that. Scarlet what kind of timeline . Nandan very quickly. All governments have to do reform within the first few weeks and months of their tenure. Emily that was nandan nilekani, infosys chair and cofounder. It has been less than three weeks since the u. S. Cut huawei googles android system. In europe, people have been trading in huawei phones. In a press conference with theresa may on tuesday, President Trump said the u. S. And u. K. Will find Common Ground on huawei. Take a listen. Pres. Trump we will have an agreement on huawei and everything else. We have an incredible intelligence relationship and we will be able to work out any differences. Emily joining us from washington to discuss, our own Sarah Mcgregor, covers trade. Will there be an agreement on huawei between the u. S. And u. K. . Sarah we will have to take trump at his word he is working towards that. It will suit the u. S. Interests if europe and other countries are looking a little less favorably on huawei. If sales are dropping. The u. S. Is jumping up and down, trying to get attention from the europeans. They are saying huawei is a security threat. A key way to cut them off is obviously the u. S. Market but also to look abroad places like europe and the middle east. Huawei cells are much more significant and have been making inroads. It might be good news for the Trump Administration if sales are dipping and people are questioning their purchases of huawei equipment and cell phones. Emily if u. S. Actions on huawei there is the blacklisting and trying to convince other governments around the world not to use their equipment. If we see huawei really take a hit from some of these actions around the world, will this fire up the chinese even more to retaliate against the United States . Sarah i guess the risk we are looking at now is the u. S. Blacklisting american suppliers to huawei. Americans give some of the key components into some of their cell phones and equipment. Once there is a 90 day grace period that ends in august. That could affect the operating systems that huawei works on. It might not get the same parts that it uses. It is probably scrambling now to diversify its supply chain. , they arer huawei trying to develop their own operating system and i think the Chinese Government would say it is full steam ahead this is its crown jewel. This is its biggest telecommunications company. It is sort of the future that china wants to have, leading in innovation. Emily President Trump is also trying to convince the u. K. To get on side about a possible trade deal. If they come to terms on a trade agreement, how would that affect the Global Dynamics between what is happening with the u. S. And china now . Sara the first step in a trade agreement, which the u. S. And u. K. Have been w