Chemical weapons in syria. Thewife of the gunman in orlando nightclub shooting has pled not guilty. Global news 24 hours a day, powered by more than 2600 journalists and analysts in more in over 120 countries. Bloomberg technology is next. Caroline im caroline hyde. This is Bloomberg Technology. Ising up, earnings season just around the corner as volatility is picking back up in the market. At what to expect as tech giants begin to report results. The next frontier for hackers could be outer space. We will focus on nasas biggest cybersecurity challenges. Silicon valley is back for a fourth season. We will speak with the executive producers on how much influence they get from the real tech scene. First, to our lede. After a strong start to the year, Global Market volatility has come back into the fold amid rising skepticism over the trump trade. Tech stocks were among the denny the biggest benefactors of the recent rally. Lets discuss with none other than Abigail Doolittle and cory johnson. Guys, i just clicked on to my s p 500. You going to this function. Hp. Cory hb had a big move today after news from hp had a big move today after news that said they had the biggest gains in recent periods. Caroline its trading at the highest in two years. Another tech company also doing well, up 2. 5 . Talk us through, as volatility starts to ramp up, we are seeing the vix, the socalled fear gauge what are we seeing across the Technology Spectrum . Abigail weve had the vix popping higher now four five days in a row, at levels last seen right around the election. Investors are very uncertain. It is really bleeding through infotech. Technology through into tech. Technology is holding up the trump trade. Is s p 500 Technology Index now down nine days in a row. We have some investors moving away from technology shares, especially the chips sector, the Semiconductor Index down one point 5 , more than 1. 5 on the day, taking a bit of a hit. Theres lots of talk about this sector that has been so hot over the last year, up almost 50 over that time period. Yesterday, i was told that, seasonally, this is the weak ti me. It is on pace for its worst month since last april. This supply chain shakeup we are seeing for apple could be the trigger for a bit of a pullback, even a correction that some had been watching for in this friday sector this frothy sector. Caroline this is not just a u. S. Phenomenon. Im looking at the stoxx 600. We are seeing on the europe engage, up 12 european gauge, up 12 . How much anticipation is there of earnings season around the corner . Cory i think its an interesting time for earnings. We have seen the market respond principally to the hope of a policy that has yet to come true. We did not get a healthcare change here at we dont have an Infrastructure Spending plan. The market has responded across all sectors. Technology, chief among them, rallying into that. Abigail waser, talking about the semiconductor supply space Second Quarter can be dicey for those companies. Guidance always reigned supreme when earnings come out guidance always rains supreme when Earnings Guidance always Reigns Supreme when earnings come out. Was consumer confidence, was enterprise confidence Strong Enough to sell tech . Was tech selling in europe . Europe is so important to u. S. Tech companies. The market had assumed those things have happened. We wont know until the earnings roll out. Thats why you see some nervousness, maybe a little selling on the margins. Earnings season is upon us. Abigail, talk to us just offside of earnings. Theres a big story about a bit of a coup. Abigail its a big day for blackberry, up more than 15 on the session, best day since 2015. This on the news they won a more than 800 million lawsuit against qualcomm. Qualcomm taking a double hit, not just on the overall chip weakness, but also in losing this lawsuit. Blackberry is down from multiyear highs. Today, quite a pop for one of my old phone makers. I wish i could still use one of those with that great little touchscreen. The screen on the bottom. Help me out. Caroline the keyboard . Abigail i used to love it. You could use it in any circumstance. Caroline in europe, there is a start up so you could buy a clip on keyboard. Abigail good to know. I should put that on to my iphone. That would help me. Blackberry having a great day. Qualcomm lower on losing that lawsuit. The overall weakness in tech. Points toe chips, one be made here is around valuation. We have a great chart in the bloomberg that highlights the situation and why some analysts out there dan thinks that the markets could be a little vulnerable in the nearterm in the chip sector. Pe,lue, we have the s p 500 around 22 times. In white, we see the sox, up t here 27 times. Well off the highs. Pretty big a divergence to the s p 500. Dried onee this sector the overall market drag on the overall market. The trump trade right now, the best sector is the banks, and the banks had their worst month in march since the brexit. Check is the best this year, but starting to round tech is the best this year, but starting to round down. It would be interesting to see what happens to the whole reflation rally. Caroline luckily, we have both of you here to analyze this. Fantasticolittle, analysis. Cory johnson. Thank you very much. Another highprofile departure at kluber. Uber. Onhel whitson resigned tuesday after almost two years at the company. She ran the companys pr team and supervised lobbying efforts with governments around the world. This is one of several departures for highlevel executives at uber this year. The number of late stage Venture Backed Companies is shrinking, but we will speak with one bucking the trend. They closed their latest round at a valuation of 2. 5 billion. This is bloomberg. Onoline amazons focus Artificial Intelligence is paying off. The ceo explained the benefits of ai to his shareholders in his annual letter. To company is using it enhance alexa. Common asized the commitment to qualtrix raised 180 million in its latest round, putting the Company Valuation at 2. 5 billion. The number of laterstaged a number of laterstage venturebacked companies is shrinking. Its down some 20 since december. Bstartup to the function, it dictates the sentiment in the startups. Joining us from salt lake city, ryan smith, here for an exclusive interview, a man who bucks the trend. 180 million. Congratulations. Why do you think you managed to get on board such stellar investors . Ryan thanks for having me, caroline. Its a good trend, i think. With our investors who are coming in, they have been our investors along the way. We just want something called an experienced management platform. We believe the world will be competing on experiences in the future. Where a 15yearold company. We are at scale here to we are already cash flow positive, and we have been the whole time we are a 15yearold company. We are at scale. We are already cash flow positive, and we have been the whole time. Bets forhese are great vc companies. Caroline do you think that many need to show this path to a clear Business Plan to revenue . 250 million. To cash flow positive. Is that what the backers are wanting to see . Ryan i think you have to have a definite path towards that, as well as a market in front of you when you get to that point. They are looking for a multiple, not a percentage on a return. That was very clear. Saw both of those. Wow, this country is accelerating company is accelerating. Theyre looking at being able to comp it to Public Companies that are going out right now. Theres not a lot of risk in the model, so i think that helps a lot. Caroline talk to me about the Public Companies that are going out right now. An Enterprise Software company just took to the market, valued at less than you are. We are seeing others come to the market. Why, when your current valuation is so large, did you decide that private funding was still the way to go . Those, a lot of those really good Public Companies were able to do this and take a preipo round that was beneficial. Thats for helping employees, liquidity, putting some money on the books. If you can do that, it is a special thing. We jumped through that. Caroline the ipo is the next thing being eyed. Do you have an idea of the timeframe . Ryan the good thing about qualtrics and being cash flow positive, we can look at the window we feel comfortable with. Im not smart enough to time the market. We have built this thing for a long time. We have a great team. We are going to go out and lock arms. The ipo is not our final destination. We are much more concerned about being public and what the next 10 years look like. I have been doing this since i was a junior in college 15 years ago, and i want to do this for the next 15 to 20 years. The ipo is just the next step. This was a great step to get there. Caroline what do you think becoming public would add . Is it an element of discipline, cash injection . What are the upsides . Ryan if you look at the announcement, we also added our audit share the cfo of adobe, now at a lassie and at atlassian. Just working through the preparation, its going to make you a Better Company. Thats making us a Better Company as we go through this all the way around. We are looking at Good Companies that are able to do this. To be public and do well after that thats the goal. I think that its definitely next step. Caroline im looking at the beautiful background behind you. Salt lake city. Just a short flight from Silicon Valley. What was the reason why you did not base yourself here or in another significant tech hub, dare we say, and what is your idea of global outreach as well . Ryan we are a global company. We have 10 offices. We have 200 folks up in seattle. We are all over. In europe, in asia, too. We have a great global footprint. We have been investing really hard into that expansion. We started in utah, silica and slopes. We love it silicon slopes. We love it here. This is a great place to raise family. If i can get to San Francisco at times the reality is i can get to San Francisco at times a lot faster than someone in san jose. Ceo ryan qualtrics smith. Thank you for spending some time with us. Now, the new York Auto Show is underway. A milestone moment for the car industry. Tesla surpassed g. M. In the market cap for the first time. The share price has since come down, but it has sparked conversation about whether the bullishness behind ceo elon musk is warranted. Bloombergs david westin spoke with britta seeger. U. S. , you have a different market, different situation on the west coast and east coast. Its a trend we have to monitor very closely. Wehink a big portion is that have to create the request by the customer by delivering much more, more different product portfolio. This is why we still truly believe in growth. We will deliver 10 additional c drivenelectri vehicles. We continue to believe in this trend. You raise a very important point. How much of it is customer demand . How much of it is governments encouraging people to move into electric vehicles . Britta government helps, at the moment. There is a market. But we truly believe this will change over time. The customer will ultimately drive this. Because it is not only incentive driven. There are many countries where we have the discussion that they will shut down cities. People and customer are looking customers are looking for how can i be mobile in the future. The batteryelectric driven vehicle will be one of the big answers. Tesla has just passed General Motors in market cap. Does it bother you that tesla is so large in their market cap . Britta our industry is about competition, right . Competition is very good. Sometimes you have new competitors. We are very we are producing. We have to produce and offer things the customers will love. Caroline maker of mercedes seeing the upside. Daimlers board member that is eager. Daimler board member britta seeger. An Influential Group of investors voiced concerns about ties to this to elon musk. They wrote a letter to teslas lead independent director. Eeted that he already announced that tesla was adding more independent members and that this letter had nothing to do with this decision. Coming up, u. S. Russian relations usually make no difference to the astronauts working together on the iss. With a renewed focus on russian hacking, how is nasa securing its data . This is bloomberg. Caroline in this edition of out of this world, the next frontier for hackers could be outer space. Thats the top concern of nasas cybersecurity unit, which has the unique task of securing things like email servers on earth, but also the massive amounts of data beamed back and forth from its spacecraft. Nafeesa spoke to nasas chief investment security Information Officer. Chief security Information Officer. Its like about what and the steps they have to take. Why would nasa be different from other Government Departments . Nafeesa nasa shares things in common. They have personal information of people, email networks, which most federal agencies have. But imagine they have 20 facilities, labs, Flight Centers all around the country that they have to take care of. Then they share information with other space agencies like russia, japan, the European Space agency. Theres a lot of data going back and forth. Thats only what we are talking about on earth. Then you have all the information and all the equipment that they have out in space. We are really talking about the whole other realm that does not include all the networks here on earth. Theline so, you spoke with inief Information Officer charge of cybersecurity. What is her key concern at nasa . Nafeesa she is kind of setting the agenda. She says we need to get control of our network internally first. Its a matter of time before someone hacks something in space. That would be her nightmare scenario, if a hacker was able to hack into a satellite or something in space and take over control, do something with that, even take ransom of that data, make the u. S. Pay. I think the big concern that is realistic right now, in terms of a major concern, is the data flow and communication between whats in space and whats here on earth. You have these can indication flows going back and forth. Hackers could try to get into whats happening here on the ground. They call them ground stations. Or that flow. She said they are really trying to secure and harden those kinds of strings. Caroline quite fascinating, some of the statements she made in your piece. I am sure all our viewers to go and see it i abjure all our viewers to go and see it online. Given the current state of geopolitics, what about the relationship with russia, because its actually a close one, isnt it, between nasa and the u. S. And russian astronauts . Is that in any way going to change . Nafeesa it is incredibly close. If anything, nasa is very open about the work it does with russia. The u. S. Does not have any shuttles anywhere. We dont actually wants people into space from the u. S. We do it with russia from there so use capsules their soyuz capsules in kazakhstan. The u. S. Is open about the kind of work it does with russia, also information sharing. The u. S. Has a bunch of offices in russia. It was interesting to hear from the cyber chief on how they have teams based there to monitor u. S. Networks, but also send people from here to monitor that as well. We still have this great cooperation that we hear about, but, at the same time, we might be hearing about new initiatives from nasa. The Trump Administration has indicated it wants a more ambitious Space Program and has missionsa to speed up to send humans back to space. Caroline thank you. Great analysis. Mark im mark crupmton, and you are watching Bloomberg Technology. Nato secretary general Jens Stoltenberg held talks in a joint press conference with President Trump at the white house. The visit comes during increased tensions between moscow and washington. Stoltenberg said natos approach to russia must be firm and predictable. That means we have to invest in our collective defense. Thats exactly what we are doing. Deploy more troops, increase the readiness of our forces. I welcome the very strong message from President Trump on the importance of increased to spend increased defense spending. Todaypresident from said President Trump said today the alliance is no longer obsolete. Ahmadinejad was advised not to run by the countrys supreme leader. Many astion is seen by a referendum on the 2015 Nuclear Agreement with the west. South africans marked the 75th birthday of jacob zuma today with a protest. The opposition increased calls for his removal after he dismissed the nations finance minister. South africa postponed a noconfidence vote on zuma today. Security is being increased outside churches in egypt ahead of this weekends easter holiday. It comes after twin Church Bombings in two cities killed 45 people. Egypt has declared a threemonth state of emergency following the palm sunday attacks. Global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. Its just after 5 30 p. M. Here in new york, 7 30 in sydney. David ficklin has a look at the markets. David here in australia, 00tures on the asas asx 2 are pointing down. The nikkei, down. We are going to