We hear from the ceo first, to our lead, President Trump has announced the United States will withdraw from the paris climate attacked and that he will seek to renegotiate the International Agreement in away that treats American Workers better. President trump i will immediately work with Democratic Leaders to either negotiate our way back into paris under the terms that are fair to the United States and its workers or thatgotiate a new deal protects our country and its taxpayers. Emily detect and history already responded to trumps announcement. Tech industry already responded to trumps announcement. Elon musk saying leaving paris is not good for america or the world. We spoke to a member of the Bloomberg Energy finance team about the impact of this decision. Gap between President Trump and Silicon Valley is a grand canyon at this point, but i think what is more interesting to me is the question of how committed business has become, not just Silicon Valley, but most big businesses in the United States towards Climate Change remediation. He issue of whether Climate Change is happening or not is not really controversial among most business leaders. Clearly, a lot of progress is going to still be possible even without the u. S. In the Paris Agreement despite the fact that everyone agrees it is a stupid, stupid thing to pull us out. Emily lets talk about this, colleen. How are Tech Companies and broader u. S. Businesses actually going to respond in action rather than words . Colleen great question, emily. We have already seen action out of Silicon Valley from these companies. ,f you look at the tech amiche amazon, google, microsoft got together in defense of the clean power power plan and we have seen them repeat that Climate Change is one of the most significant issues facing our generation globally and they are actually putting action behind these words. They have said all four of these companies which represent three and a half trillion in market cap have set Renewable Energy goals. They want to source all electricity from Renewable Energy globally and google came out on record saying they will 2017. At target in we saw amazon bv one number one procurer be the number one wind farms ind china for clean energy for their suppliers. They are very much to hide this. Emily china has reiterated their support for the Paris Agreement. I wanted to take a look at the bloomberg. We have a map of the solar plants across the country. The green shows plants already in operation in the yellow shows plants that are planned. How does this map change in five years as a result of this or does it . Colleen thats a great question. In some ways i think you would expect to see that green appear even more heavily in those states in which solar is already very concentrated. It is important to talk about what is going on on a federal level, but equally important in the u. S. To be inking about what is happening on the state level, to. Just yesterday, the Californian Senate passed a bill to get 100 Renewable Energy by 2045. That still needs to make its way through the assembly, but there is absolutely activity on a state level that will contain to drive wind and solar build. At the same time, we have seen cost fall dramatically which means it is becoming more economic to install solar in more areas of the country. Just from 2008 and 2016 we saw the cost of tv modules, only part of the panel, but the cost of tv modules fall by 90 . This is helping more states to actually invest in solar as well. Emily david, President Trump is saying hes trying to protect american jobs and on the other hand there are concerns about jobs in clean tech and new energy. Are we seeing this potential big Market Opportunity to other countries like china . David absolutely. I think it is widely believed particularly among people who have a sort of future centric view, which you would help hopes most business people, but there is a massive longterm Business Opportunity in remediating Climate Change. It is always like almost like what i was thinking before. If you think about what world war ii or what wars due to motivate a country to really gather all its Energy Together and make rapid progress or look at what the depression did to create the wpa and all the infrastructure we created greater facing a crisis can be one of the most motivating things in the economy and it is happening in china right now. They look at it that way and they are really aggressively moving forward on Remediation Technologies across the board with solar being a leading example. I want to quickly point to another thing that is really relevant to the connection between tech and it industry and this decision. ,ost states where they operate Tech Companies are the number one Power Consumers because Cloud Centers are such a gigantic consumer of power. There was an article not long ago even in West Virginia the coal state, the utility there is now shutting down coal plants and putting in more renewables poorly because microsoft and other companies are their biggest customers and they are saying we want renewable power. Emily that was colleen reagan have and david kirkpatrick. Coming up, another wild week for uber. The startup fired the star engineer at the center of their bit bitter dispute from with waymo. The electric car market has been growing in fits and starts for years. Could the chevy volt be the Tipping Point for the industry . We will hear from one analyst who literally ripped up the car to find out. This is bloomberg. Emily amazon crossed a major milestone this week. The stock traded above 1000 a share briefly for the First Time Ever and has hovered just below that price. The company has been willing investors with dominance in online commerce and cloud computing. The stock is up only almost 40 from a year ago. Some fragile parents make it cash back from amazon. The tech giant will refund customers whose children made unauthorized mobile App Purchases between 2011 and 2016. The federal trade commission ruled that amazon made it too easy for children to make purchases on mobile games. The decision ends a threeyear legal battle. The refund amount the top 70 million. It was another eventful week for uber. Their revenue increased 3. 4 billion in the First Quarter despite thousands of people deleting the app from their phones. They also said that head of finance will leave to take a position at another startup. The most explosive develop and the week was the sacking of Anthony Levandowski, the former head of the self driving car efforts and the man at the center of the battle between uber and waymo. He was he was recruited by uber after a long stint at google. Patentseged he stole and use them at uber. He invoked his fifth amendment right not to testify which made it more difficult for uber to defend itself. We spoke about this with mark bergen and our Senior Executive editor brad stone. This is really about 14,000 files. Files that were allegedly and surreptitiously downloaded by Anthony Levandowski from waymo. The judge said he had to turn over those files. Uber told him he had to turn declinedfiles and he to comply, perhaps because something about them was incriminating. It is interesting, it turns what has really been a twoparty case into almost a three party case. Versus uberwaymo and Anthony Levandowski off on his own. Emily how does this impact the case . Does this hurt ubers case or hurt waymos case . They are waiting for whether or not this will set the criteria of the judge set up for the injunction. The judge could say uber, you fired levandowski, and he said previously the case was strong, but he said there was no smoking gun. It seems like ubers lawyers know what they are doing good right now, it is really unclear. Emily is there any chance levandowski could be personally prosecuted here . I do think there is a criminal case. He also has a prior case waymo filed against him prior to the lawsuit against uber. He hired his own lawyers after that lawsuit, criminal defense lawyers, so that is a likelihood as well. Emily levandowski argues he has been forced to choose between his job and his constitutional rights. Does he have an argument there . Expert, buta legal perhaps. ubers driverless car efforts . What is it mean for them . He has been replaced as the head of the driverless car division from carnegie mellon. Onered other folks from the university of toronto started the ai lab in toronto for uber. The risk is the optics of this look so bad that it is going to be increasingly difficult for uber to higher folks and talent is the name of the game right now. Emily there is a public trial on track for october. What is next here . Mark two brads point to brads point, self driving cars are not on the road tomorrow. Is a chance uber may turn more into a partnership model. They might try to reach out to more carmakers, something that lyft has done and they are also in talks in talks with waymo on a partnership there. Movement. E a lot of uber also has the massive investigation into their harassment issues. Maybe this is a way to put this on a back on her and deal with a lot of other cultural issues facing the company. Brad there is always the possibility these companies settle. Google is an investor in uber. It appears from a distance that this case has been about the founders of alphabet, larry page and sergey brin with a personal vendettas against one of their personal employees, Anthony Levandowski. Now that he has separation from uber, perhaps it is the beginning of uber and google coming back out of the side of being allies versus adversaries. Emily interesting. The uber ceo got some sad news of the weekend. His mother was killed in a horrific boating accident and his father is in serious condition. Our hearts go out to travis at this time. Uber have ak, brad, lot of challenges on its plate. The Sexual Harassment investigation, the results are coming this week or next week. Are we expecting any delays . Thread as far as i know, no. Eric holder was due to develop deliver his report to the board of directors. It was insist it wasnt suspected a report that report would become public until next week. I dont know how much it will slow down the investigation. Emily do we know anything about which way the investigation is leaning . Brad we know very little other than he talked to many many hundreds of employees and he delayed the point report at one point asking for more time because of the response he had gotten. Emily how have all of these issues piling up impacted the uber brand . in the Tech Community and the Investment Community here in San Francisco, very much so, you step outside the bubble and go to another city, another country and uber is an increasing part in peoples lives. Other ridesharing companys two, it is this weird paradox where , hiringd has been hurt has probably gotten more challenging and inside uber is probably a difficult time, but this is a service in a Company People love. Emily that was bloomberg technologys brad stone and mark bergen. Of the story we are watching has been revealed. Two former theranos directors did not follow up on allegations surrounding the technology validity of the Technology Used at the start up. Gary ruff had an former u. S. Secretary of state George Schultz said in depositions that they did not think to question the companys founder about the matter. You will remember both men left the board in 2000 14 after a wall street journal investigation highlighted employees concerns about the company operations. We dive into what has become essentially the state of the union for the Tech Industry. , this is bloomberg. Ended an 11nally month product drought. The latest product is a security camera. It is the first redesigned camera since the required startup dropped the camera in 2014. It shoots higher resolution video that allows users to more deeply zoom into footage without losing clarity. Towill automatically pan follow a person in the view as they walk around the room. Mary meeker unveiled her widely followed internet trends report. Or 2014 2016 it covers a major takeaways from the report, the rise of online ads. With Global Internet advertising monthed to pass tv in six and google and facebook reaping the benefits with their combined share of online ads amounting to a whopping 85 and rising. We dug into the findings with Bloomberg Intelligence u. S. Director of research paul sweeney. Paul we are seeing the trajectory over the last 10 or 12 years where we have tv ad spending growing about 4 5 a year, and digital ads ending growing 15 to 20 a year. The lines are just about to cross this year and if you look at the forecast over the next several years from various forecasters, continued upward trend in internet ad spending, doubledigit growth versus television in the low single digits. Emily what does it mean for everyone else if facebook and google are getting the lions share of the pie . , il if i am an advertiser am worried because i have a market where there really is a duopoly between facebook and google. I only have two platforms to allocate my ad dollars. That is not a good market structure, market dynamic. What we are seeing is of the incremental ad dollars going to the digital marketplace, google and facebook taking just about everything. It is really a challenge for some of the smaller platforms, twitter,t are, snapchat, 400 million users on your platform these days is not enough. We need to take a look at google and facebook, each of facebooks platforms is at or above one billion one billion users when you think about facebook and instagram and message. It is just a tremendous reach a vehicle and what we are seeing is these big platforms like google and facebook are really trying to target Television Advertisers because that is where the money is. Emily Something Else that meeker called out is the measurement of the impact of online ads is very much lacking and the placement of ads is sometimes rather suspect, perhaps they might pop up next to offensive contact content. What you make of these potential headwinds . Paul these are significant risks and highlighted by advertisers and ad agencies that represent them. Measurement and context and placement are really the two big issues that these Internet Companies really have to figure out. That being said, the dollars are still going to digital. What is interesting, we are going to have a big data point coming out of the Television Industry when they sell about 75 to 80 of their inventory of what is called the upfront 18 billion or 20 billion for the allocated to television. Ad expectation is tv spending will be flat or down. Facebook and google are seeing their top line have an advertising revenue grow 20 plus. Have to compare the markets and you can see where advertisers are going despite some concerns. Emily on a slightly different topic, she also called out amazon and talked about how it is changing the face of retail, which we know, but mary meeker specifically pointed to amazon baby wipes, amazon batteries, these are products that amazon is branding itself and selling to consumers. What impact is that having on the retail lance cap landscape . Paul when you get to private Branded Products it shows the strength of amazon in the Retail Marketplace. Not only have they disrupted the entire brickandmortar retail, but they are really starting to think about how they position themselves within the Retail Market in certain verticals. When you think about amazon, jeff bezos has shown that he that hee any investment thinks will grow his business longterm because he believes, obviously, that retail sales going to online will grow from orays average of about 7 8 to well over 10 and he needs to be a part of that and the leading player. We have seen this company make Tremendous Investments across businesses because they believe in the longterm story. Emily that was Bloomberg Intelligence u. S. Director of Research Pulse meanie. Paul sweeney. Alphabet has been testing a service here in San Francisco and in israel and plans to launch in brazil. The ridesharing platform operates more like a traditional carpool where the driver and passengers have similar origins and destinations. Unlike over and lift where unlike uber and lyft. Hello. What a nice ride. Thank you. Happy car pulling