Will Congress Finally take action . First, shares of broadcom are tumbling after the chipmaker cut its fullyear revenue outlook. The outlook will be 22 billion in 2019, missing even the lowest analysts estimate. That also reported revenues that missed project since as it continues missed projections as it continues amid the chinau. S. Trade war. Huawei, accounting for 3. 5 of sales, is also a major supplier of chips to apple. Aey said we currently see slowdown in the demand environment, which we believe is driven by continued geopolitical uncertainties as well as the effects of export restrictions on one of our largest customers. Joining us to discuss his ian king with me here on set. Is ian king with me here on set. How much does this have to do , in huawei and china particular and at large . This Global Supply chain, even stuff they are selling that is not going into the china market and staying there is coming here am going to europe. Am going to europe. And going to europe. By the way, we have this giant customer is will let is not ordering anymore. Emily they had to cut off huawei in particular. Which faces ale, looming threat of tariffs . There is potential concerns about demand issues in china, which could be government related, or customers in china boycotting apple. There are a whole range of scenarios, and then of them are particularly doesnt particularly pleasant. The macro slowdown, the customer the reaction against u. S. Products like the apple iphone. We have already seen apple losing market share in china, basically all of the above could be what is going on here. Emily broadcom is just one of the u. S. Companies that has in a bigst supplied huawei, customer not just for broadcom, but also qualcomm. This cting to see are we expecting to see this through the year with companies that have had ties to huawei historically . It is a huge problem and kind of a problem for the same reason that this trade war hurts apple. China is a big Growth Market for the industry in general. All of the chip suppliers, including broadcom and qualcomm, are selling huge quantities of products to huawei and other chinese companies. So they are definitely kind of the first on the line. Moreguably hurts huawei than it hurts their suppliers, because it will be very hard for huawei to go about its normal business if it cant get the technology it needs to put things out. , theres a lot of interesting dynamics happening here. U. S. Boundmake phones outside of china, offsetting some of these issues. How does this play out a broad for broadcom and other chipmakers also tied up in this . Think what we have been i think what we have been dealing with is a certain amount of uncertainty, we dont know which specific products are going to be halted from shipping to china. This today is telling us whatever happens is not going to be good. Back to what max said, huawei can get things from europeans, from the koreans, the taiwanese. It can replace a lot of what it needs, but broadcom in terms of rf chips and swiss chips, can go anywhere else. You cant go anywhere else. Emily the decision on whether to include huawei in its 5g network, how much longer can huawei sort of hang on here as these decisions are made around the world that dont necessarily go in its favor . In terms of wally huaweis customer base, they have access to a really big market. It hurts huawei that it cant do much business in the u. S. Right now or the fact that some of these European Companies that have historically purchased it scare are now kind of getting cold feet. Products areits now kind of getting cold feet. None of that is going to go away anytime soon. There is this interesting thing happening in europe that the u. K. And other countries have basically decided that huawei equipment was ok, and they came up with a testing regime in a secret building where the equipment was vetted. And basically trump and the framework has thrown this into disarray, considering whether huawei can be bought without creating a security risk. Emily we will have more on this as more chipmakers continue to report results. Thank you. President trump said tim cook visited the white house as they and did not say why cook was there. The apple chief just left the office. Agency is federal making moves that could lead to multiple investigations into Big Tech Companies including apple. Is expandingrbnb its experience is offering to become a bit more adventurous. By the home rental giant continues to expand before going public. Xm. En to us on sirius this is bloomberg. Airbnb is making fresh attempts to take a greater share of your wallet when you go on vacation. Intoompany is expanding adventure tourism, offering travelers the chance to search for ufos in arizona or track liens in kenya. This, as airbnb seeks to broaden in advance of the public offer ing. We are joined by our bloomberg correspondent. What other adventures can we get through airbnb . Modeled afterrip the around the world in 80 days, you will visit 16 countries. Most of these will be in the ballpark of two to 10 days. Airbnb has been pushing into experience is doing this for the last couple of years. How successful has it been and how is it different from what they have already been doing . It is hard to say, because airbnb is private. Willxperiences generally be profitable by the end of this year, they say. They are doubling down on this. Emily talk to us about how this afternoon, revenue stream, the Company Plans to go public. The initial public offering, they are tried diversify, looking at restaurants, flight, looking hard at two hours, per at tours, anything from a bike tour to an 80 day trip around the world. Emily will kind of competition is there . What kind of competition is there . Booking. Com, how competitive can they be . You see a lot of startups, too. There is a german startup called get your guide, the travel peak travel, you see a lot of Companies Come into this space because it is an element of travel that has not been digitized. Airbnb and a lot of these other companies see a big opportunity there. Emily something we will continue to follow as we chart airbnbs road to ipo. Thank you. What togs eric had went to manhattan to speak with larry devon to y breaking up Tech Companies is not a big idea and the next big thing. Take a listen. We are planting a seed and has been for a while, and we continue to plant seeds in new areas. One i am excited about is the temp labor marketplace. Inhink there is this notion the future of one quick hiring, we have a Company Called blue crew that is making great progress in this. When i look at the future of how temp labor gets into employers, i think Something Like blue clue, a marketplace that matches iborers and employers think it is a big, big future. Right now in the u. S. , just where we are, which is Light Industrial warehouse, that kind of retail come i 300 billion market, globally, much bigger. Think this works in many categories. I think this works in many categories. Columbus it take to become immaterial that the how long does it take to become a material value to you . Years. People forget how long each of these things take. People only start paying attention when they are huge and impactful, but they forget how long it took to get to that spot. We are years away from that being a meaningful contributor to look through. Blue crew. The way you typically get into new markets is by acquiring a Small Company that fits into sort of a Growth Opportunity that you have identified, then scaling it. Sometimes, but by far our biggest Business Today is tender. Is tinder. Nextat do you think the big idea is going to come from . Is it something that has not been brought to life that is an existing idea in this building . Had a Board Meeting yesterday and we were talking about this, we were talking about the areas where we can create value over time, where we can grow our existing businesses. Where we can grow our kind of proving businesses, what we call tomorrows businesses. Tinywe have these little businesses today, but massive opportunities, and i think we are investing in all of those things. When youre prospecting when youre prospecting, youre probably competing with more capital than has ever been mobilized. It does feel like that. It has forced us in many ways to go earlier. Blue crew as an example, we bought it with two or 6 million in revenue or Something Like that. We look at the opportunity and that is a reality. There is a segment of the market that used to exist that no longer exists because there is so much Growth Capital chasing things, there is things go from about to prove themselves to billiondollar valuations kind of instantly with no stop in between. Is there something wrong with that . That getting, in those cans of expectations makes it very hard for a business to it eliminates options for thems in ways that i think will turn out to be challenging over the next year yours. Do you think this is a permanent feature of Capital Market . You have had for decades already, venture capital, where you are competing for these big businesses, then there is this new source of capital called growth equity. I guess it existed before, but now you have General Atlantic doing it, sovereign wealth funds doing it, fidelity doing it. To have all done a better a very nice job and will continue to do a very nice job. The reason that exist is because of what happened in the market. If you miss your expectation by 1 in the market, completely irrelevant on a fiveyear or tenure investment, your value may change 10 year investment, your value may change by 25 . That volatility can impact employee sentiment, or market sentiment, and you dont have to deal with that in the private market. So you are a publicly traded company with a 20 billion valuation, would you do it . And the able to benefit from all of the things that you just enumerated . I dont mind being a public company, one, we have more scale, too, we are diversified. Wo, we are diversified. Ofee, we have a share shareholders, and we are lucky in that regard. [no audio] emily many investors are celebrating be sure to follow our global breaking news on tictoc on twitter. This is bloomberg. Emily walmart is jumping on the blockchain bandwagon, partnering with ibs and drugmaker merck to develop a Blockchain Network for the u. S. Fda. The idea, to help the fda protect consumers from contaminated or even harmful drugs. Walmart is one of Many Companies embracing the blockchain trend. Both microsoft and salesforce have introduced their own Sales Services in the last month their own services in the last month. Monica, thank you so much for joining us, how will this fda project work . This is part of a larger trend. Large corporations finally starting to embrace blockchain. This partnership is interesting because blockchain allows you to have data that can be tracked to a very finely grained degree and you know people can go back and change it. That is the nature of what blockchain means, when information put into a block, it is immutable and you can go back and change it. This idea is that you can track to of when drugs have been created at the source and then each way along the path through the supply chain, you know that when you go into a store and you pick up your prescription, that you can trust that its been verified all along the chain. Emily theres a lot of experimentation, the second blockchain project, target pushing into the space, what do you see as more of sort of mainstream potential use cases here . We are really in an era of right for opportunity fight for opportunity, because th no on has decided who the winner is in terms of blockchain technology. The private and limitation of a theory him, these are all potential technologies that could help industries and Companies Realize the particular applications like that only supply chain, but that the company but the company remedy that we have been working patients track their own health care data. Emily what other trends are you watching . We are talking about big retailers here, what else is next . Everybody is buzzing and talking about the facebook going right now. Big mover and shaker in the space in terms of development, facebook coming out and saying they are interested in creating their own cryptocurrency. Isir cryptocurrency we think going to be a stable coin, which is going to be pegged to some sort of u. S. Dollar or makes of other fiat currencies. A mix of other fiat currencies. We are still waiting for the chu information to come up, but what they are calling it, whether it coin, this be global just represents another company that is already institutional land has real value demonstrating they think love chain is a way for them to move forward in the future. Emily do you think other Big Tech Companies, amazon, apple, google will jump in on the blockchain craze . Apple has already come out and said they will support cryptocurrency in their next version of ios, so i do think that we are going to start seeing lots of Big Companies jumping into the blockchain we are working with a large insurance company, a 3 billion Asset Management so theres a lot of opportunity out there not just in speculating on cryptocurrency but integrating it into real business. Emily bitcoin rally last month got close to 9 billion, now 9,000, now000 close to a thousand dollars, how do you think the volatility of bitcoin itself will continue to impact the enthusiasm around blockchain in general . I think we are going to continue to see volatility in general until people see a real use case in their lives for cryptocurrency, and retailers, real retailers like whole foods have started taking cryptocurrency as a form of payment. Having once people start an Intrinsic Value of bitcoin in their life, it will really help to stabilize the price of something that from here on out, has so far in life has been speculative. Stop seeing so much price volatility and speculation. Emily when do you think blockchain will go mainstream . Well, in some ways, we are already here, facebook is making a cryptocurrency. But at least in the next five years, you will see Real Products that actually touch the and consumer in a way that before, people have been seeing, when we have blockchain, we will in the next three years, you usingtart seeing people applications backed by blockchain and they will not even know it. Emily will facebook users use the cryptocurrency . That is the question. Thank you, monica. Billions,ans to raise how, is next. And, can they are beat the tesla of china . This is bloomberg. Can they be the tesla of china beat the tesla of china . This is bloomberg. Emily this is bloomberg technology. Lets return quickly to our top story broadcom cutting its fullyear forecast. The ceo said Huawei Business was. Orth 9 billion last year with respect to semiconductors, it is clear that conflict,hina trade including the huawei export ban is creating economic and Political Uncertainty and reducing visibility for global oem customers. Demand follett hillary has increased and our customers are actively increasing demand volatility has increased and our customers are actively decreasing inventory levels. Already oneadcom is of the worlds most valuable companies, and now it is planning to raise a lot more money in the form of a confidentially filed new share sale on the hong kong stock exchange, and if it happens, it would be one of hong kongs largest ever share sales. What do we know about this offering . As you mentioned, alibaba has confidentially for a share sale that could raise as much as 20 billion. This would be the secondlargest ever ipo or share sale in hong kong. Hong kong is not typically a place that allows confidential filing, but since alibaba is already listed in the u. S. , they can file confidentially given the u. S. Jurisdiction allows them. What we can expect as they will go through a listing hearing in hong kong and after they got the exchanges approval, they will go ahead with the exchange sale. Inly we know the ipo market the u. S. Has been extremely volatile. How is the market in china . Kristol we have seen a choppy asiat in the ipo seen in recently. Yesterday, just last night, there was a logistics deal that got shelved because of market volatility. Subjectwas probably not to that kind of volatility because it is already a wellknown brand. It is already listed in the u. S. , so what they are likely to do is trade hong kong listing at premium, and that would make the price is he to predict. Easy to predict. We should very closely monitor the trade wall situation, and that would potentially affect where this deal is going to go ahead and if it is going to go ahead altogether. Emily what is alibaba trying to do . Crystal alibaba has not confirmed what kind of proceeds they will be going for. What we know is they are not short of cash. They actually have 30 billion of cash on hand, but this will be a Good Platform for them to have an extra listing vehicle in asia and they can tap more equities if they want to. Again, given the whole trade situation, it is good to have equity platform in asia as a contingency plan in case anything goes wrong in the u. S. Annalee thank you so much for your reporting on this. Emily thank you for your reporting on this. Does not seem to be worried in the face of dropping value. He explains why. I think our investors do not understand our longterm value. Wem the standpoint of nio, have faith in our longterm value. Complicated reasons led to the stock rise and fall which is beyond our control. Its a very complicated thing, especially if there is a shortselling mechanism in the u. S. The Chinese Government is trying to attract the top technologies to list on mustek mastech exchanges. Is that something you would consider . Exchanges. Domestic we need to look into its regulations, which is also very comp located. We will consider overseas investors interests. You have you think will be enough to last you through the rest of the year . Speaking, we would like to connect u. S. And