Over a fourday stretch. He is being convicted of allegedly drugging and raping a woman in 2004 molesting a woman 2004. Finally released from north korea, currently is in a coma. Im only suffering key, and this is bloomberg. Andce suffering key this is bloomberg. Im emily chang, and this is bloomberg technology. Coming up next, a dragging on the nasdaq for another consecutive trading day. We will break down all the action. At a 9azon flat billion message, the biggest acquisition to date for the Worlds Largest online retailer. A tech jobs bonanza unfolds in the u. K. , but the workforce cannot seem to keep up. Why filling these jobs with the right talent is still a struggle. But tech stocks started today ater and made up some losses the close, but it marked the fourth at five days that the nasdaq has finished lower. Turning to the recent selloff, Abigail Doolittle from new york. Abigail, give us a rundown . Techil we did have dipping down sharply, down more 1 , and point sent we saw the loss is really being paired. Even so, the nasdaq finished down when 5 . 5 , but we saw a little bit of that mentality overall. To your point about the last five days, the s p 500 tech index is down more than 3. 5 , the worst fiveday stretch, emily, since the brexit last year. Are selling, a lot of big names participating, like apple, amazon, facebook, and outlet alphabet, which had a fair, unusual downgrade. What is probably a plays whether these highflying stocks deserved to be highflying . That is true in the tech space. The of the chip index up sharply over the past year, more than 55 , lots of big valuation there. A lot of guys on the street have been wondering that sector when that sector will come back down to earth, happening now with some groups like ag, macron, and other groups giving back to that. Even the losses were paired at the end of the day, this is still going up a little bit. Emily lets talk to about snap, now back up to the ipo price. What is your take . Abigail i think that is a very big sign of the tides times. That hot ipo went off not too far ago, and today, in the middle of this selloff, and even as we have seen those losses being paired, it hits that 17 ipo price, a really real round trip there. And investors arent certain do they want to take on this kind of risk for the possibility of an a continued a continued move higher, its still abandoning all the babies with the bathwater there with snap there, at least. Emily and lets take a look at the chips sector coming back down to earth. Abigail valuations is the big play, one point on a trailing basis. The s p 500 is closer to 20 times, some people are wondering how long can this sector continued to fly . And we have really seen a big reversal. We started last week with a piece of this. It is not bearish on nvidia, but ais stock of more than 200 , real rocket ride. We need to visit a little more to see the rate company, but it has gone too far, too fast, and along with the Goldman Sachs note, we saw that sector common calm in and is calm in come in and taking a lot of those big names with it. So even the though we have these big names falling in the year, the nasdaq and s p 500 are still up slightly. So it will be interesting to see if this will continue or if tech continues the selloff. Doolittle with the roundup for us. And with a broader perspective on that tech landscape, we are joined by the partner of lead edge capital, with 1 billion in capital under management. Lead Edge Investments include. Libaba, your and uber what are some of the downs we have seen a tech over the past few days . Longterm a very view, emily, thank you for having me on. You have seen dips and ebbs and stillin its, and we believe there is a huge opportunity for alibaba. , athink this is a very good 400, 500 400, 500 stock in a decade, and maybe compounding it 20 24 , which is to howting and similar amazon compounded revenue over the past year. When you look at valuations and the private and public markets, do you think they are justified . I think they are justified . Yes, in many cases, but in some cases they are many expensive. There was a selloff in early 2015, a lot of software space, stuff came down, but the reality is there is too much money chasing too few, great, companies. And if you are growing super fast, you can come out of a very premium valuation. In terms of public stock, stuff cheap. Nitely not there is a class of companies that are cheap, but they are garbage companies. That people are willing to pay out for growth, and a zero interest environment, where do you have to go . You think this would impact trading . I had lunch with a friend and we were talking about the we cannot believe there is not an ipo every other day because the market cannot get any better than it really is today. It is incredible that there is not more. There are a couple of companies about to start, they have filed, they usually indicate they are about to go out, like pantry, butetrium blue apron it surprises us there is not more activity. Emily on the delivery of this subject, do you see a difference in european versus u. S. Valuations . We do. There is less capital in europe to look at all these opportunities. We think there is another interesting thing, in that we are encouraging more of our European Companies to go public in europe, because there is an interesting phenomenon. There is very little growth effectively in europe, in the theic markets, you have frankfurt exchange, the london exchange, the exchange in and out of amsterdam. If you look at some of the Companies Like just east company,or this public a lot of these european tensions and sovereign funds have to invest in european equities, so we are actually encouraging these Public Companies to go public in europe. Emily you have uber at a 40 billion 40 billion 40 billion valuation. So what do you think about travis taking a leave of absence from the company and the cultural challenges they are now facing . Toi think it is important address leave of absence. A horribletravis has time right now, his mom passed away and his dad is in the hospital. I think a lot of the leave of absence as a result of that. Travis,ig believers in in founders remaining at companies, like bill gates of microsoft, Larry Ellison oracle Larry Ellison oracle in we believe that founders should be at the company. We believe that travis is a visionary. He has had a service that people around the world cannot live without. Fromant to go to point a to point b, get there fast, and there are huge upsides there. That weo you believe were will sustain its valuation . There is concern that the brand has taken a huge uber will sustain its valuation . There is a concern that the brand has taken a turn down. They released to the press some of their numbers. The q1 numbers were very strong, and this all started with the importunate unfortunate news about potential harassment, which is horrible. Tois horrible, they need make changes, and it is great to see the board making changes. I think they will continue to make more, and i think they are continuing to bring in worldclass people. David richter, he will be the number two guy there, we have heard from numerous people that he is absolutely phenomenal, and we believe in management and the board. Emily you are also an investor in alibaba. We are reporting now that jack the 1. 5rticipate in billion investment of the company grab, which is the Ridesharing Company and one of ubers competitors in south india. How do you feel about that . That is fine. They invested in lift a few years ago, and a lot of people give them grief about some of their investments, but i think severalested in lyft years ago and will do quite well. We think that southeast asia, in the ridesharing space, is a huge there is too much capital going into it right now. We are up, also after looking at grab, as we speak. We think that the Market Opportunities are a norm is there, and the fact that jack and alibaba are looking at it does not surprises. They want to continue surprise us. They want to continue to expand outside of asia. Emily thank you so much for joining us. Facebook debuted a new blog today called hard questions, which will address philosophical debates about the role of social media and society. The first post highlighted the fact that the company highlighted over 150 counterterrorism experts and are trying to use new algorithms to try and keep terrorists from using the social network, the right although ultimately shirts finds that the radicalization of members and groups like isis and al qaeda primarily occurred offline, we know that the internet does play a role and we do not want facebook to be used for any terrorist activity whatsoever. Coming up, and a newly read a newly relaunched businessweek and apple ceo tim cook takes the front page. We will take a look at what he has to say and more. This is bloomberg. Price of bitcoin tumbled on thursday, putting the Digital Currencies since on the worst track since january 2013. It has tripled in value this year, but other Digital Currencies are suffering since digitale hit the currency trading world. Just as the business landscape has evolved, so have Bloomberg Businessweek. Relaunched itsg magazine with a whole new look, feel, and editorial direction. This weeks cover story features apple ceo tim cook, and we are joined this week by megan murphy. You spoke to cook and sat down with him right after we did on television. Im curious what your impressions were of mr. Cook. Megan as you know, we did the interviews back to back, and i think we asked him about some of the things you touched on, like introducing the home pod at have conference, but focused tim cook was on the music capability of that new speaker as opposed to, say, its internet speed, and ability to infiltrate your home, and i thought it was quite interesting and quite humorous how focused he was on saying that the kids were going to be rocking, it was going to be banging. He was very passionate about owning that specific segment. It ties into so many things about apple, and he said as well, we are not focused on the first sensitivity market, but we are focused on being the best. Emily he also talked about politics, and i felt, very since nearly, that the court on the cover of the magazines america is more important than bloody politics. What did you determine in his strategy in dealing with President Trump in the industry should . Using bloody in the a shorthande, it is for ridiculous politics and that america is worth more. He is very passionate, very element, very genuine on this point. As everyone knows, he has had tremendous differences from the , as far as their policies, administration, lgbt views, and he set on issues where they can find common ground, like jobs, the resurgence of manufacturing in america, how they are going to rescale and upscale the workforce, they need to really drive for innovation in the tech sector not just that apple, but across the country. And in communities that really need new jobs and movement, up the social ladder. Ways to haveo find his voice be heard and a positive contribution. He said again, he takes a lot of response ability of the ceo of an American Company very seriously, and will do his best to try and make an impact along those lines. And work with, not against, the administration. Lets talk about your response ability, shepherding Bloomberg Businessweek into a new era. What is your biggest decision for this relaunch . We have done a lot of things with this relaunch. First and foremost, we have theamlined and simple by design of the print magazine to showcase the journalism. We want that to shine through. Business week has always been the greatest outlet, consumer outlet for the amazing journalism that you do, that all of our other correspondence and analysts do, and we want to keep that focus. But at the same time, we are relying on Digital Products to allow us to get to people wherever they are, whenever they are, to consume those products, whether that is on and out, app, an investor event, or on tv, like right now. We wanted to remain the best in business, finance, technology, and journalism. It is about making it easy for the reader and making it stand out and pop, and making it relevant on ball on a daily as well as a weekly basis. ,mily also a redesigned app definitely worth checking out. Megan, think you so much for stopping by. Coming up, you can hear more from our businessweek reporters every saturday and sunday on bloomberg television, also on radio. Up next, we talk about amazon for the interest in slack, and a potential 9 billion valuation. This is bloomberg. Emily this merger has been in the works for quite some time, but the deal could be locked in a serious competition concern rate by the u. S. Federal trade commission. The combination of the two Fantasy Sports companies would give up the companys the companies almost more than 80 of the markets. The decision will still fall to the agencys commissioners to vote on. The vote could have it in the next week. An executive and draft kings earlier this month. It has been going great. We have been having regular meetings, getting the chairman introduced and used to working together. I have been surprised in a very positive way at how the team has gelled. And to a bloomberg school, amazon exclusive, up thee looking to pick messaging startup slack. If this does work outcome, the deal could be the largest acquisition to date for amazon and joining us now is alex barinka. Talk to us about what we know. What we know right now is that amazon is that one of at least one other company that has expressed interest in acquiring slack at this point. My colleagues and i broke this story late last night. My colleague has also heard that there is at least one company that is further ahead, that has slack tout pressure on engage in these talks right now, engage in this inbound, and of slack does not they are potentially looking to move slao engage in these on. This is a big Sticker Price 9 billion is where the discussion is happening, circling in terms of this acquisition. That is where the play is right now. Amazon being the interesting one, because frankly, a lot of folks in the Tech Industry i spoke with today are feeling out what they feel it out the story about the story. This is not the First Company that came to their mind. Emily amazon has aws, their own video and audio processing services, so what about slack . If you think about their future aims with time, with some of their business goals, it looks twofold. You can look on the actual consumer selling into business side, right yet what there is on right . An echo ins s every business, this could integrate into more things with is this, which is subbing amazon has been pushing further into. On the tech side, which is closer on that eight of ux cloud cloud business, anything about integration there it would make more sense in terms of the pure play enterprise system and society. If you have folks who are working on an aws software or building applications there, perhaps you have slack as a communication tool that fits in with all of that. We did not and decay any plans for an exit anytime soon. Take a listen to what he has to say. I think it would be years away from growing at a fair clip, and one of the things that factors in that rate of growth is that in perfect ability unpredictability. But they are friendly to Companies Like ours right now, and there is no need for offering. Emily so does slack want to sell . Iis is stuarts baby, but have been around this environment for long enough that everybody has a price, and when you think about how quickly this company has fired up and how big of a price tag this is, you would think that a person would be foolhardy to not at least think about it. A great scoop from you guys, thanks so much. Coming up, cisco executive chair John Chambers says the tech game in france is stronger than ever. We will bring him bring his conference from the viva tech conference in paris. This is bloomberg. This is bloomberg technology. Lets start with the first word news. Formal brexit talks will begin on monday as planned. Afterecision was made discussions on monday in brussels. There is a concern that the discussion might be put on hold after Theresa Mays Conservative Party lost majority in parliament. President trump is excited to announce tomorrow that he is rolling back parts of expected to announce tomorrow that he is rolling back parts of obamas plan to ease tensions up with cuba. And greek creditors agreed to release up to 9 billion in. This ends months of uncertainty new loans. This will further push spending cuts imposed by the government. And Police Issue Arrest warrants for secure Turkish Security to a violent altercation last month, when turkeys president erdogan visited washington. Security guards and attackingpporters protesters. And despite the shooting that critically wounded congressman steve scalise, the annual congressional baseball game is still a go. The first pitch is at seven at. Pm time, and this is a live time,t 7 00 p. M. Eastern and this is a live look at the field as players are warming up. This is bloomberg. It is just after 5 30 p. M. Here in washington. Already, 7 30 friday morning in sydney. We are joined by paul allen with a look at the markets. Happy friday, paul, and good morning. Paul it is looking like a happy friday on the markets as well. Some modest strength with the nikkei futures at the moment, and waiting on the negative Japan Monetary policy statement, which will come at the this twoday policy meeting of the bank of japan, looking out for any clues on inflation outlook there. Here in australia, futures are also looking pretty strong, up. 4 , and we will be watching bhp personally today and the worlds biggest miner and well be announcing a new chairman at the close of today. This spiked briefly above 76 . 76 u. S. Cents on thursday, but we saw some growth to contend with in australia. Iron ore prices are weighing on the currency. I am paul allen in sydney, with bloomberg technology. Emily this is bloomberg technology, i am emily chang. And now, the tax selloff. U. S. Tech selloff. This slide continued, weighing on the ov