Transcripts For BLOOMBERG Bloomberg Technology 20240714

Treasonous. Should google be worried . Margaret vester prepares for a summer finale to her fiveyear crackdown on u. S. Tech giants. Story, bigto our top tech in the eye of the storm on capitol hill. Facebook, amazon, apple, google, all appearing in washington to answer lawmakers sques questions. The first to be raked over the of thethe cocreator cryptocurrency project. Facebook is dangerous. Now, facebook might not intend ly theyangerous, but sure do not respect the technologies they are playing with, like a toddler who has gotten a hold of a book of matches. Their motto is to move fast and break things. You mean them a chance to experiment with peoples bank accounts. We will take the time to get this right. Wouldnt it be easier and safer if people could inexpensively secure money transfers through their smartphones just like they do for so many things today . That is what libra is about. I do not trust you guys, so instead of cleaning up your house, now youre are launching into another Business Model with calibra. Scarlet facebook does not facebook does not and will not control currency. Will you commit that facebook will not develop preferential incentives that unfairly tie calibra, in terms of whatsapp and messenger, that they will support thirdparty . Senator, i want to clarify, which is every time you start with, i want to clarify, gives me great pause. Emily the center expressing skepticism about the facebook money. Senator john warner joins us from capitol hill, so, senator, after hours of questioning, what are the biggest red flags that you see, the biggest concerns that you still have, about this project . Senator warner well, lets start with the fact that i think watching technology distributed even the possibly of cryptocurrencies, it has some positive upside, but i think we have to be careful. We are talking but the possibility that facebook might dominate this otherwise very disruptive technology. Facebook already has 2 billion users. It has all of these advantages. We have seen facebook over the last decade plus do what i call catch and kill, where any new entrant into the marketplace, facebook would either copy or go out and directly acquire, and here you have this Blockchain Technology that might be able to come in and disrupt, and, again, it appears facebook is using the same strategic effort to say, lets bring some other players in, create this libra network, and then use their market power to create the wallet, where a lot of the transactions will take place. And myll it calibra, fear is it would give their wallet solution a great deal of undue advantages and, friendly lee, mr. Marcus today, i know he wanted to clarify, but it seems like some of these questions should have been yes and no, and i came away was still a lot of questions that need to be answered. Emily right. So you were not satisfied with david marcuss answers. Tot would your answer be Mark Zuckerberg, the ceo of facebook . Senator warner my answer would be that blockchain offers an awful lot of opportunities, but you have a burden of proof, facebook, to make sure, one, that we get it right in treating this new network, two that it is safe. Mr. Marcuss comment that for every crypto dollar, there would be another dollar or another currency on a 1 1 breaking it up, thats next to the absurd when there is no such requirement in the banking system. It seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not billed in implicit and they would not billed in implicit and explicit things for their product is a strange they would not build in implicit and explicit things when he said a third party wallet came around, and people do not want to use the socalled Calibra Facebook product but a third party, they would be willing to transfer the keys, transfer the data, do the tentacle transfers to that third party, that was a the transfers to the third party, that was good. My hope would be that facebook would bring that same kind of supporting approach to the legislation that i put forward for their existing tools. Emily so, look. There were a lot of issues that came up, jason issues that facebook has been dealing with, misinformation, election hacking, face news. Would you like to see Mark Zuckerberg testify before congress on libra, specifically, and again on some of these issues . Thetor warner this is circumstance with facebook, and my office works with facebook on a regular basis, and we are trying to get that, and we have made some progress. They have made progress, for example, on some of the disclosure products about facebook political ads, the same will be have disclosure around tv and radio as, but there are technical issues, in my background is in telecommand telecommunications. I hopefully bring a little bit of expertise here, where we can bring more transparency to this marketplace, whether it is about data valuation, whether it is about data portability and interoperability. They have yet been willing to lean in and acknowledge what they would be willing to support. Mr. Zuckerberg has said he realizes there need to be some rules of the road for facebook in its current applications. What we have not seen yet is that level of specificity as to which rules of the road it actually accepts, so before we open up this whole new area that could have transformative efforts on the way we transact business in terms of blockchain and cryptocurrency, facebook has got to be proving that they are willing to accept certain rules of the road or regulation around their existing products before we go into this whole new realm. You hadeantime, facebook appearing at a Face Committee hearing along with google, apple, amazon. Do you think facebook should be broken up . Senator warner listen, i am at that point in time in terms of breaking up some of these companies, but i have not taken that off of the table, because i think there may be ways to add more competition if we have more of this transparency and data portability and interoperability. I think we could step back from some of the breakup because if we put in place appropriate privacy protections, the way europe has done already. I think we could have some more forward leaning if facebook was willing to acknowledge or twitter for that matter when youre being comedic aided with by a bot when youre being communicated with by a bot versus a human being. I think it would take the pressure off, at least visa be facebook and others. If we do not see them roll up their sleeves and give us some framework and so that americans or for that matter folks around the world have a little more transparency, a little more protection of their data, know what data is, in effect, being sucked out of them already, and what that date is worth, then i think we have to look at more radical solutions. Emily meanwhile, investor peter thiel has called at google for what he calls seemingly treasonous work with china. We do not have specific evidence for his allegations, but the president is now saying that the administration is going to look into googles work with china. Does that concern you . Senator warner well, it concerned me when a group of folks at google did not want to work with our Defense Department but were willing to partner with some of the Chinese Tech Companies who were, quite frankly, creating an almost orwellian social credit system, where they monitor the behavior of the chinese population, 1. 3 billion people, in ways that are, frankly, the antithesis of everything that we in the west would support. I think that is one of the reasons why you have seen 2 Million People a few weeks ago in hong kong go to the streets rather than have the Chinese Communist party system and that kind of orwellian network take over hong kong, as well, so i do think there is some explaining that google needs to make get the google ceo, he said they are backing out of some of those partnerships, and they are willing to continue to work with the u. S. Government, so i think trumpsls and mr. Statements are a little overthetop, but i think it is incumbent on these companies to go the extra mile to earn peoples trust, the truth is these Companies Got so large, so quickly, i am not sure they fully understood the full ramifications of what they were dealing with, and, quite honestly, the regulators and us in government have been slow to catch up, and instead, we have seen a foreign nation like russia come in and willynilly use youtube, facebook, twitter to massively intervene in our elections, and they continue to massively intervene in trying to pit one american against another, and generally, these companies have been slow to acknowledge that and be a more active participant in bringing about these kinds of appropriate regulations and appropriate rules of the road. Listen. I do not want to regulate out innovation. I think innovation is one of the great things. I have been a venture capitalist longer than i have been a politician, but i do think with great power comes great responsibility, and so far with some of these companies, we are not seeing that appropriate stepping up and taking responsibility. Emily all right, senator warner, virginia senator, i appreciate you stopping by. Coming up, facebook answering tough questions about its cryptocurrency on capitol hill, another round tomorrow. Will libra ever get off the ground . More on the highlights next, and if you like bloomberg news, you can check us out on the radio and on our app and on sirius xm. This is bloomberg. The reason we designed libra in such a way that facebook would only be one of monk hundreds of different in the Libra Association and would have no special privilege means you would not have to trust facebook. Trust is primordial, and we have made mistakes in the past, and we have been working and continue to work very hard to get better, and we have invested in a number of programs, notably on Election Integrity and a number of other issues. Your question is whether i would trust all of my assets in libra, and the answer is yes, i would. My question was do you trust this enough to make your compensation paid for in your currency . Senator, i would, because it is, in fact, 1 1. They david marcus, cryptocurrency cocreator before democratic and republican senators, who grilled him about their ability to guide data and finances, and Sherrod Browns exchange about a lack of trust and facebook a huge part of that conversation. Lawmakers compare the social media giant to a toddler playing with matches and blasted it for violating consumer privacy. Senator brown called the cryptocurrency plan illusion of. Delusional. Joining us from washington, our bloomberg reporter who was in the hearing today, and in new york, we have got an attorney for consensus of Blockchain Companies focused on the cryptocurrency theory. We just spoke to senator warner, one of the senators who was not satisfied with his answers. For us. E picture what was happening in the courtroom today. Yes, there were a number of senators, similar to senator warner, who really just do not trust facebook right now. I mean, the trust deficit is incredible, to really see there were some senators who just plainly said, we do not trust you. Why should we ever trust you with a new currency . Why dont you fix your other problems before you start creating new ones . It sets the standard that no matter what facebook does, they have lost so much trust at the moment that it is hard to imagine this is going to take off in the way they want it to. Emily now, joys, there is a problem that there is confusion not just about what facebook is planning on doing but about cryptocurrency in general. As someone who understands and works in the cryptocurrency industry, what are questions you have after hearing what david marcus had to say . Joyce i think for the cryptocurrency, the industry here, some of the outstanding questions that i have, i think a lot of them are, you know, waiting for davis david esponse to the senators questions. I would like to have the senators understand that, yes, there is skepticism against facebook, but there are also a lot of different projects out there, a lot of different blockchains, for example, ethereum, which people should explore, and we have to work to solve some of the social problems, going forward, i hope to see that everyone uses facebook as a catalyst to really look into all of the different projects that are out there in the world. Emily there is a question though, kurt, given the sort of the unit sort of the v human t deficit, doehemen you think it will get off of the ground . And ithere is a deficit, did not really appreciate that until today, being of the room and seeing senator after senator nailing at home that they do not trust facebook to do this the right way. Facebook is really saying all of the things you would expect and want them to say. They are saying, we want to work with regulators. We want to put in protections for consumers and making sure there are other Companies Making decisions. This is not a facebookonly product. These are the things you want them to be saying, but nobody seems to care at that point. Today was kind of a little bit of a turning point for me as someone who has covered this for about a month to really feel more wow, the pushback is intense in person than maybe what you have read in line. Only innd, joyce, not the united states. Other countries, like a libra, saying they do not what libra in our country. Does facebook need the buyin of other countries if they want to have a currency that can be used everywhere . Definitely need to get the body and from wherever they are operating. Buyin fromet the whatever Company Country they are operating in. Making sure everyone is on the same page before you proceed in operating in which every jurisdiction you plan to, so, yes, while they do need indias consent and buyin before they can operate in india, it is possible they have talked to different places and talked to different regulators there, and it is possible they have gotten something from them. Bitcoin today in the middle of this hearing and the middle of the skepticism, are you at all worried about what facebook is planning to do here, that it is affecting the rest of the industry, and could it hurt the work you are trying to do . Joyce i am not worried about that. I think we are all in for the longterm. We are here because we are enthusiastic about what the technology can do for society it term, year, 30year in like a 20year, 30year term. Fory david marcus in another round tomorrow before the house. What are we expecting . Kurt i am told to expect even kind of cookier questions. I think there are twice as many members of that committee then there were today, so having sat through one of those hearings before, i do think it is going to be even maybe a little bit more aggressive than what we saw today. There is going to be a lot of pushback, quite frankly, and i am sure that they will be prepared for it. Emily all right, bloombergs lai,. Agner, and joyce we will look into google taking side . Thiels be sure to follow our global breaking news network, tictoc on twitter. This is bloomberg. On monday, conservative billionaire peter thiel claimed google was doing seemingly treasonous work with china. Commentsa fan of his and President Trump a President Trump i would like to recommend including two like our attorney to, like our attorney general, take take a look. In not a with china very positive way for our country. York, to discuss, in new a guest, and in our studio a reporter who covers tech for us. He not only said that google is doing seemingly treasonous work but that google could have been infiltrated by foreign spies from china. Is there evidence to back up peter thiels allegations . Not that i have seen. Googles response for months, we have seen similar statements, less aggressive, from the pentagon some months ago, google saying microsoft and amazon, our biggest competitors in cloud actually have a presence in china. They have research centers. Google has been out of the market for years. They have certainly tried, and that is what they referred to. We suspect or mark warner mentioned this earlier, that they rejected a pentagon contract and the same time to reveal they were working on a search product in china. Googleso in a statement, said, we do not work with the chinese military. We are working with the u. S. Government, including the department of defense, in many areas, including recruiting, health care. Peter thiel in the past has expressed interest in investing in Chinese Companies and is on the board of a huge competitor to google. He has got a fan out in the president himself, saying, now we need to investigate. View onthink thiels this is similar to a lot of mainstream american views, what to do about the chinese influence. That is a little rich of thiel to be saying this with his facebook connection and all of the thanks facebook has been trying to do, so, so hard over the years to have the connections in china that google has. Emily right. Talk to us about that, because Mark Zuckerberg has famously visited china, amos lee has been learning mandarin for a very famously has been learning mandarin for a very long time. Google has been more successful. Zuckerberg embarrassed himself by running in tiananmen square, the site of the infamous massacre, during the day when the pollution was quite bad. Basically, he has taken all of these small but craven steps to try to show people in beijing that he is a friend of china, and google was in china for a very long time. The a. I. Presence they have there is larger than facebook then googles. Than googles. Emily should they be worried about the president s fresh ire . I do think, thinking about their future as an a. I. Company, that is a concern for them. Right, thank you both. Big tech, breaking up facebook not the only one in the hot seat. Google was also on the hill today along with apple and amazon. This is bloomberg. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. This is bloomberg technology. Im emily chang. Back to our top story big tech testifying on capitol hill. Facebook created a rare bipartisan moment in congress with senators on both sides of the aisle skewering a plan to create a digital currency. Facebook is dangerous. Now, facebook might not intend to be dangerous, but surely they dont respect the power of the technologies they are playing with like a toddler who has gotten his hands on a book of matches. Facebook has demonstrated scandal after scandal that it does not deserve our trust. It should be treated like the profitseeking corporation it is. We will take the time to get this right. Wouldnt it be easier and safer if people could securely and in extensively receive money transfers through their smartphones just like they do for so many other things today . That is what libra is about. Basically, the theme of your response to many of my colleagues project leon data privacy is trust us. Trust is something you are and facebook certainly hasnt earned it. If we dont leave, others will. What will it do if u. S. Regulators wanted to enforce sanctions on certain individuals, but other Global Regulators did not . What set of rules to comply with . That is a really good question and one that we are in active discussions with a number of regulators, including treasury. We need to continually we need to continue to serve the customers, the users we are serving. Well do what it takes to earn their trust. That is definitely the case as well for libra and the libra whilallet. Emily to discuss the Facebook Libra and house judiciary david, theearing, ceo joins us now from washington. Ofthe studio, the former cto the u. S. Federal trade commission. If you were still at the ftc, you would be guiding a potential antitrust investigation into facebook and helping the agency make decisions about what to look at and what not to look at. What is your take on a, facebook being in the hot seat today on multiple issues cryptocurrency, antitrust, all of the two years of controversy that facebook has been dealing with being lumped into these two hearings what kind of actions should the federal government be taken . Guest that is a great question. Most of the hearings are around both public sentiment and congressional sentiment around big tech. Arising from a nonsurveillance economy that big tech has been known to use in terms of the primary Business Model. The calls to break up, the calls for data privacy laws and concerns around libra are around this idea of the abuse of the platforms, lack of accountability and what the federal government can do. Emily meantime, even in this hearing on libra, all of these other issues that facebook has been dealing with popped up. A particularly poignant exchange with senator kennedy. Take a listen to what he had to say. True nedy isnt it i really want your opinion that facebook has chosen to advance a set of values in which truthful reporting has been flagrant displays of bull i dont know how to answer that question. [laughter] course, you, of work with news Agency Companies and obviously these concerns about bias, conservative bias, anticonservative bias have been a huge part of the discussion of these big Tech Companies. Do you think big tech should be broken up . David no, we have not come out with the idea that breaking up is necessarily the answer. I think what you have seen in these hearings is there are a lot of interlocking issues. Some relate to the media. Some relate to currency. Some relate to antitrust. At a broad level, it is all about you saw and that libra hearing what kind of trust relationship should we have with these platforms as a society and secondly, what are the specific things they are proposing and what effect will it have on entire markets . I think actually the libra hearing, i found fascinating because it was about a focused issue and pretty high quality hearing. A lot of good backandforth. I think the house hearing that is ongoing as we speak on antitrust is really kind of an opening chapter, just starting the conversation about antitrust. Again, you always see these dual things about a values discussion and then a tactics discussion. Emily now, when you were at the ftc, you worked on the 2011 Consent Decree with facebook which is part of the reason ftc was able to fine facebook 5 billion for violating that Consent Decree. Now, the ftc has been charged with a potential antitrust investigation into facebook. What action do you think the ftc itself should take at this point . Ashkan one of the things to think about is the antitrust issues are not independent of the data privacy issues. Part of the dominus of the platform is the ability to collect data, both on individuals and macro data on what other competitors are doing. We know they acquired instagram, whatsapp based on their understanding of how well they were doing relative to facebook. They have the data to know it was not a crazy purchase. I think the interventions, other than the structural interventions of breaking up the company, there needs to be thought on how to prevent the company from regrowing or rejoining or reexerting anticompetitive practices. That has to do with the data privacy legislation as well. I dont think a pure structure remedy is sufficient. Emily it is because of the models and the vast amount of data they do collect that i have been so dominant in Media Industry. You actually have a sort of proposal that would protect the news Media Industry versus breaking up big tech. Talk to us about that. David obviously, one big area of antitrust that has to be reviewed is the whole digital ad market and that has not been talked about today. We have come at this from the perspective of the platforms are wonderful distribution mechanisms for content. They reach an incredible number of billions of people. But, as part of that, they run over lots of industries, including the news media that is critical to our democracy. All we have asked for is to be allowed to negotiate with them collectively, because the current antitrust laws actually protect google and facebook from us, believe it or not. We have not asked for them to be regulated or broken up or taxed. We currently just ask to be left alone to be able to fight for our future with the platforms. Emily now, ashkan, not to confuse our viewers, there was actually a third hearing on capitol hill where google was the focus. We repeated these concerns about anticonservative bias. We were speaking earlier about peter thiels claims that google has been doing treasonous work in china. Hadtime, facebook has also aspirations at times to break into china. You heard david marcus make the argument that if we dont do it, Something Else will, which is a similar argument we heard Sheryl Sandberg make. If you break up facebook, the Chinese Government is not going to break up china Tech Companies and then they are going to have the advantage. Will that argument work with regulators . Ashkan the china bogeyman argument is being made in antitrust, the use of a. I. Stem cell research. I think there is some understanding that we are competing on a global scale here. But, i dont think that issuesly mitigates the that regulators are focused on on the bad behavior of the companies and the lack of accountability. The Senate Judiciary hearing on platforms is focused on the fact that if a company like google or facebook were to bias search results in terms of favoring a candidate or favoring a particular political party, there is no accountability requirements or reporting requirements currently present for those companies. They could do so and we wouldnt know. Whereas if a company made a 500,000 contribution to a political party, they would have a recording requirement. I think the lack of accountability is what is at stake and why people are really concerned. That is domestic. Taking on the global scale, there are concerns but i dont think it is currently factoring into the overall debate. Emily a lot up in the air here, but one thing is clear that democrats and republicans what more scrutiny of big tech. What is your best guess as to how this plays out . Does the ftc investigate facebook and amazon . Does the doj investigate google and apple . What could happen . Ashkan i dont have any private knowledge, but my sense is they have been investigating over a number of different issues over the years. The question is what are the remedies . If there is anticompetitive practices found, what with the remedies be in terms of a breakup remedy or injunctions or fines . How does that interplay with the Data Privacy Landscape . My production is we wont necessarily see anything this year, particularly in an Election Year where competition and antitrust is now a political topic. The candidates are probreaking up companies that the rs are not necessarily. It will become a political football. In two years time, we will likely see some activity both from congress as well as potentially ftc action. Just to correct you the ftc 5 billion fine has been recorded, but i dont think it has been settled on. There could be injunctions as part of that settlement as well in terms of data privacy related. Emily we understand the amount is 5 billion but we dont know if facebook will have to make any structural changes as a result of the settlement which is what we are waiting for as well as official news of the fine. Ashkan soltani, thank you so much. David chavern, thank you both. In washington, the u. S. Justice Department Urged a federal Appeals Court to put a hold on a order that forced qualcomm to change how would licenses patents. The case threatens competition, innovation and national security, according to the doj. It puts the Justice Department on the opposite side of the ftc which find an antitrust lawsuit against the chipmaker. Moving outside of washington, tesla shares declined after an analyst note revealed the company cut the starting price of the model 3 sedan in the u. S. Weeks after a shrink inhouse. It cost just shy of 35,000. The tax credit reduction because the company to reduce prices to support demand. An injection of food science gave blue apron shares a boost, rallying the most since going public two years ago. It will offer beyond meat products. Blue apron has struggled to maintain subscribers in recent months. Over the last five years, Margrethe Vestager has gone after google, facebook and apple for their competitive practices. Now she is taking on amazon. We will talk about the latest on europes battle with silicon valley, next. They are hosting a number of businesses but also competing against those businesses in the very trade they do. Now we are looking into the use of data to see if this is done in a fair way or will there be a case for us . Emily that is European Union commissioner Margrethe Vestager. After five years battling big tech, the antitrust chief will step down from her post later this year but not without dealing one more blow to silicon valley. She plans to open a formal investigation into amazon within coming days. She has hinted for months that she wanted to escalate a preliminary inquiry to have amazon using sales data to undercut thirdparty markets. Joining us to discuss is brad stone. How big of a blow could this be to amazon . Brad in the shortterm term, probably not a huge blow. Google is currently facing, think over 9 million in eu fines. It has been appealing them so that continues. This is the beginning of an investigation, at least the expansion of an investigation for amazon in the eu. I think vestager is going to demand a kind of level of information that amazon has been unwilling in the past to provide. To the extent which the Company Takes data from its marketplace how certain products are selling. Seasonally, overall. And then moves those products into its first party marketplace. Selling it for itself. Amazon says it does not look at individual sellers data. If vestager could demand information from the company about that, we might find out if that is true or not. Emily also this week, youve got democrats calling for an investigation into amazon warehouses. Amazon one of the four companies on capitol hill today being asked questions on antitrust. Talk to us about this potential warehouse investigation that democrats are calling for. Brad it is a great political environment for any big Tech Companies. Amazon about to hit the 1 trillion market cap again. Bezos the richest guy in the world. Went in and out of the hearings today so i did not hear the specifics of the purported investigation into the fulfillment centers. Amazon, look, i think it has a massive supply chain. Hundreds of thousands of workers around the world in its fulfillment centers, driving its vans and trucks and flying its airplanes. I dont know how you would conduct oversight. Im sure there could be pockets of workers being poorly performed but overall i think they do a fairly good job. It would be hard to conduct that kind of oversight in any practical way. Emily we are in the middle of the second day of prime day. Amazon tweeted it was the biggest 24 hour sales day in amazon history, at least day one. We are still waiting on final numbers. There were some shoppers complaining that they were seeing technical glitches. There was a spike in searches for canceling amazon prime. So, presumably some of those people bought some things and wanted to cancel. What is the verdict so far, 36 or so hours . Brad sitting back and watching prime day, you have to marvel at what a marketing event they have concocted out of thin air. They created a Holiday Season in the middle of the summer. A Holiday Season brings with it a lot of problems. Youve got porch pirates. Youve got disappointed customers. All sorts of things, the frenzy. Overall, you have to sit back and admire the company for bringing itself to a peak season in the middle of the slowest time of year, right . They have created a frenzy where otherwise it would not exist. They not only have done it themselves, but brought the rest of the Online Retail industry with them. You see everyone else offering sales as well. Canceling prime is funny because there will always be a number of customers that will take advantage of the system. While that was the headline today, how many people signed up for prime because of prime day and i am sure that is a large number too. Emily we will give you the verdict tomorrow. Brad stone, thank you. We will be back with more bloomberg tech after this quick break. Librasacebook cryptocurrency may have been headlining heroes hearings and capitol hill, big tech remains under congress big light. To recap the wild day of hearings, our Senior Analyst for antitrust, jennifer reed. The house antitrust hearing also a big deal as well. What can Congress Actually do here . Jennifer what congress can actually do is legislate. I think that is what the a miss here. I dont think Something Like that would happen anytime soon. This was the second hearing and what is intended to be a series of hearings to delve into what the issues are here and whether there is really a problem and how that problem should be solved. I think there is some bipartisan support for some kind of legislation, whether it is antitrust legislation or something that is different that just regulate internet platforms. I think there is an appetite for doing Something Like that but the devil will be in the details. That would be something very difficult, complex and intricate to put together and actually get past. Emily what was your biggest take away from the hearings today and anything surprise you . Jennifer my biggest take away was it was probably a mistake to have all four of those companies and one hearing. Because the problem is this is about antitrust and antitrust is fact specific and about conduct. There are similarities among these companies, but the fact of the matter is the conduct that has been criticized of each is entirely different and entirely different markets. There was not an ability in the short time period by questioning by Committee Members to dive in and get into the specifics of the conduct and whether or not it harms rivals, and whether or not that trickles down to consumers which is really what the focus needs to be. To understand have these companies conduct a running afoul of antitrust laws. Emily three hearings today. Hows hearing on antitrust. Senate hearing on google specifically. Senate hearing on libra specifically. Tomorrow, another hearing in the house on libra specifically. How do you how do we keep track of all of these, many of these similar, but some conflicting issues, as you say, four completely Different Companies . Jennifer it is so difficult, yet later this month there is actually another Senate Hearing on antitrust. Part of the issue is you have the house and senate kind of paralleling each other and doing the same thing. A lot of this will be repetitive. The libra hearing tomorrow is in the house. Today, it was in the senate. You will see a lot of repetition of what happened in the senate today in the house hearing tomorrow. The house Committee Members airing their grievances and suspicions of facebook just as we heard in the Senate Hearing today, and asking the same kinds of questions. I think for the next year at least, it is going to be like this. There will be a lot of focus on these companies, a lot of hearings. It is going to be hard to keep track of it. On top of it, we understand the ftc and department of justice maybe planning investigations or already invested getting these four companies as well. There is a lot going on. Emily is there one company in particular by your analysis that may be in the most trouble or faces the biggest antitrust risk . Jennifer i think right now the two that seemed to me to be getting the most heat are google and amazon. There was not a lot of talk about apple today in the hearings. Amazon and google took the most heat. On facebooks side, the bigger issues are privacy related which are different from antitrust. In amazon, a lot of questions on whether it has a conflict of interest in running a platform and competing with some of the sellers on that platform. As well as how users sell its data and if it uses the data to disadvantage the sellers an advantage its own bottom line. I think amazon really is kind of at the forefront. And then google as well, with its dominance in search and the way it is using search, and the way it may be competing against, with its own services against other companies that have those same services and where those Services Come up in searches. Emily jennifer rie. Much more to come. We will be all over the Facebook Libra hearing coming up in the house. That does it for this edition of bloomberg technology. We are livestreaming on twitter as always. Check us out. Followup breaking news network, tictoc, on twitter. This is bloomberg. Paul welcome to daybreak australia. I am paul allen. Shery i am shery ahn. Sophie im sophie kamaruddin. We are counting down to asias major market open. Paul here are the top stories we are covering in the next hour. Stocks fall and the offshore yuan weakens as President Trump says he can add more china tariffs if he wants to. The chairman watching developments closely. Jay powell says he will do what is