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tv   Bloomberg Technology  Bloomberg  July 18, 2019 5:00pm-6:00pm EDT

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♪ emily: this is bloomberg technology, coming up in the next hour, microsoft if i's gravity. the company beating expectations with a big lift from the cloud. plus, the congressman who says mayebook's cryptocurrency " do more to endanger america than 9/11." bradll talk to democrat
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sherman after blistering hearings. net flux -- netflix stocks fall for the most -- almost $15 billion wiped off it work it cap. will the streaming giant recover? shares story, microsoft topping after fourth-quarter results that topped estimates. continuing strengths in cloud services. up aeo is working to keep steady flow of cloud deals to narrow the gap with market leader amazon and offering bundles including office, windows and other security products. to unpack it all, we are joined by aaron paynter, who spent 14 years at microsoft in the u.s., brazil, france and china, where he served for a few years. also, bloomberg intelligence. another big order from microsoft as expected. what is the top take away? >> almost every line item was
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good. we didn't find any mistakes so far or anything negative. the big deal is going to see how they can come up with first quarter numbers and the next fiscal year for them. >> the big question is, can microsoft keep it up now that expectations are so high? can the company continue to deliver in a new economy? >> cloud reach was the first provider for these services and we have expanded it to amazon in the last few quarters because there is enormous demand from customers. i think this is only the beginning of an incredible movement that will continue. emily: are you saying the cloud will continue to grow, it is not a zero-sum game? aaron: absolutely. every study tells us we are in the very early lead. microsoft is on the verge of becoming the corporate cloud. after their big employee summit with many partners, the big
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theme was trust. not just a trust with partners, but in the enterprise and theships they have enterprise reach they have. that is the differentiator. emily: when you are the most valuable company in the world, and microsoft does now have more than $1 trillion market cap, more than amazon, apple, you have a target on your back. what are the challenges? what are the potential obstacles lying in microsoft way? anurag: macro concerns are the only things that could prevent any kind of -- that could provide headwinds. services isor cloud so large and we're just seeing the tip of the iceberg. at this point, the market potential in the enterprise space is enormous. microsoft is better positioned than any company out there. cloud, pcond the sales still a big part of microsoft business.
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what is happening between the united states and china, a huge issue, given the u.s. china supply chain. even that you worked in china for many years, what do you think the u.s. china trade war -- how will that impact commercial sales? focusedicrosoft is very on 7 billion. they keep talking about the reach. if you like amazon is leading the world in cloud at the amazon conference, at google, you feel like they want to. microsoft feels like they can. they have this incredible reach of every person in the world and how they can tap them into some cloud service. it is hard to ignore china. emily: if you can't ignore china, what could a potential impact of the trade war be? this seems to be not subsiding anytime soon. if tensions remain as they are, what does that mean for microsoft? aaron: microsoft strength in china has been around cloud services. early in that market, amazon caught up fast. amazon and azure, the market has
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been looking to go -- go global or access cloud services outside of mainland china. that market has potential to go strong, regardless of any iron curtain that might fall. they: microsoft felt antitrust pain in the 1990's with big antitrust hearings, but they have been largely out of the spotlight, with the recent raft of hearings at amazon, google, facebook, apple all in the spotlight. how can microsoft use that to its advantage? anurag: it is one of the biggest things for them, because they have embraced open-source more than any other company. of azure is on open-source, which is truly remarkable for a company that didn't believe in these kinds of products. of being policy friendly with their rivals, people to appraise any other product from their competitors. that will play in their hand as
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regulars look at companies. thank you so much for joining us. just how dangerous is facebook libra? we will ask the congressman who thinks it could be more dangerous than 9/11. our congressmen -- our conversation with congers been brad sherman is next. you can listen on the bloomberg app, bloomberg.com and in sirius xm. this is bloomberg. ♪
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emily: for two days this week, facebook's stephen marcus was peppered with questions about the newly proposed cryptocurrency, but there was one question or statement that seemed to catch him completely off guard. take a listen. by. sherman: we are told some that innovation is always good. the most innovative thing that happened this century is when osama bin laden came up with the innovative idea of flying to airplanes into the towers. that is the most consequential innovation, although this may do more to endanger america than even that. emily: that was representative brad sherman of california's 30th district, who joins us from washington. thank you so much. certainly a very provocative statement we heard you make. what exactly did you mean? rep. sherman: let me clarify. a zuckerberg is not as evil as osama bin laden, because the harm that zuckerberg will do is an unintended product of his effort to make hundreds of billions of dollars more. but the fact is, in creating a
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tool for drug dealers, that is going to result in debts on the streets of america every day. by creating a tool for tax evaders, that is going to mean that the federal government can't fund cancer research or can't fund the defense of the united states to the degree that we would like to. and by providing a method for sanctions evaders who are going to make it much more difficult for the federal government to prevent iran and north korea from developing nuclear weapons. zuckerberg doesn't intend any of those objectives. he is just intentionally disinterested in whether that occurs. the fact is that the power of the dollar, our ability to control our banking system, is a key to the economy of the united states, which saves at least $100 billion per year in borrowing costs, because with a -- we are the reserve currency
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of the world. it is key to our sanctions program, which is most effective when we control dollar transactions. it is effective in our efforts to prevent drug kingpins and human traffickers. whichtent of this libra, i call a zuck-buck. the intention is to undermine that whole effort. i know zuckerberg is under attack because he undermines american privacy. his response is to become a privacy advocate for tax evaders, terrorists, sanctions evaders, drug dealers. folks whoose are the shouldn't have financial privacy. emily: we will get there. statement on the 9/11 , obviously what you got our attention. some americans might have been offended, some might have thought it was too far. what is your reaction to that? rep. sherman: the number of
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deaths that will occur in america if this is successful in playing the role it is intended will exceed what we lost on 9/11. the additional heroin debts, the inability to fund cancer the lack of success of our sanctions will be very important. they will not be all of the sudden. they will not be one big picture, one big day. by a reporter,ed does that make a zuckerberg as evil as osama bin laden? clearly not. to cause was trying american debts, zuckerberg is just disinterested and whether they occur. bucks aspeaking of zuck- you call it, you have said you want mark zuckerberg to testify. what do you want to hear from him that you did not hear from david marcus? rep. sherman: we are getting a confused and contradictory
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report from marcus. he is telling us they are going to abide by the anti-money laundering and know your customer rules that we impose on our banks, but then he is saying that there will be others who create separate wallets that will be formed in other countries and one wonders whether a company creating a tehran ismoscow or going to follow the anti-money laundering rules. a promise, then paints a picture in which facebook would be incapable of carrying it out. likewise, marcus promises that there will be no printing of additional money, they will have reserve, but describes a system for governing the libra in which facebook will not be in control, so who knows what they will be able to do? we need to iron this out. when we get contradictory information from the employee,
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we need to hear from the ceo. emily: what do you think le here should be versus zuckerberg himself. rep. sherman: we should be prohibiting cryptocurrencies. they disempower the federal government and there is an anarchist, libertarian strain that says every time the federal government is disempowered, americans should be happier. it is funny. i have got republican colleagues who want america to be strong and the u.s. government to be weak and that doesn't actually work. emily: are you saying you think cryptocurrency should be illegal? rep. sherman: absolutely. i have advocated that for a long time. think of it. the purpose of cryptocurrency serves no function unless somebody is engaged in various transactions. that is why 46% of bitcoin transactions are from people who are doing things illegal under u.s. law.
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according to an academic peer-reviewed study. whether they are evading sanctions, evading tax laws or dealing drugs. bitcoin is aow -- small baby here. you can't buy a pack of gum for bitcoin. it has to have an offramp that you can convert into a sovereign currency. this proposal solves that problem and will allow drug dealers to move seamlessly from drug deal to money they can spend on luxuries. to liberateance those who hate federal laws, whether it be antidrug laws or anti-human trafficking laws, tax laws or sanctions. this is a chance for them to get around on the most effective controls that we have and that is why it is popular. emily: facebook's crypto issue is just one of many issues that facebook is dealing with, along with fake news, misinformation,
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election hacking by foreign countries. do you think facebook should be broken up? i think first and foremost, facebook has to be kept out of the cryptocurrency business. they say they want to provide services to the unbaked. the place where we have the most theyked is india and if did this system using u.s. dollars or using the local currency in india, they could be successful. they could help people, but by going to cryptocurrency, they are prohibited from doing business in india. zuckerberg doesn't want to help poor people in india. he wants to make huge amounts of money and create a circumstance where he can do the one thing he can't do now, and that is print his own money. the u.s. government used to have the1 reserve rule for dollar. we got away from that and if zuckerberg can do the same thing, he can do what really only the u.s. federal government can do to the extent that we do
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it, and that is print money. he has got what seems to be all the money in the world, but he wants to print more. emily: what about the broader argument that big tech is too big? elizabeth warren is calling for the breakup of facebook, apple, amazon, google. do you agree? rep. sherman: i am on the financial services committee. . focus on the financial system these other antitrust issues, i think elizabeth warren has some good arguments, but i come onto the show to talk to you about things i have thought through and can add something to the discussion. cryptocurrencies serve no purpose that cannot be met by the u.s. dollar, except for drug dealers, human traffickers, tax evaders and sanctions evaders. emily: message received. congressman brad sherman, thank you so much for joining us. good to have you. coming up, customers hitting
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pause on netflix. behind the most underwhelming second quarter, subscribers in the u.s. senate's 2011. what it means as competition turns up the volume. you can check us out at technology and be sure to follow our global news network at tictoc on twitter. this is bluebird. ♪ -- this is bloomberg. ♪
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emily: the smartphone app face app went viral this week with its popular aging filter. democratic leaders are calling a national security risk. ftc,letter to the fbi and senate minority leader urged the agencies to look into privacy risks posed by the application. he is concerned americans personal information may end up in the hands of the russian government. the app founder is russian. location ince app's
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russia raises questions regarding how and when the company provides access to the data of u.s. citizens to third parties, including foreign governments. the democratic national committee has sent in email to all campaigns with a warning not to use the app. the founding has denied sending any user information to the russian government. investors byed reporting a drop in u.s. customers and slower growth overseas. he declined raising fears that the streaming giant is losing its momentum just as competitors compare to pounce. the second quarter represents the biggest lack i since 2011, when the company split its dvd and streaming businesses. we are joined by analyst eric. what went wrong and can that looks recover? >> thanks for having me. they raised prices and at the same time had a fairly weak content slate. according to netflix, that is what caused the under hit on
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subscribers. was you look at content, it very weak, particularly compared to competitors like hbo, who had the final season of game of thrones, which is a big cultural moment. netflix get back to growth this current quarter and through the rest of the year, just as disney, apple, warmer -- warner all plan their own services? >> netflix has a strong content slate, so that is good for them. also helping them is that a lot netflixe who left looking at numbers they released in earnings and compared to guidance, it seems a lot of people who left were on lower tier plans, so not the people who are most engaged with netflix. netflix will need to gain these people back, but at the same time, that content slate should be able to draw a significant amount of people in, specifically when you have hit
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shows like stranger things, orange is the new black. that is great for netflix. when you talk about other services like disney, hbo and others, they don't hit until the end of this year or early next year. when you talk about netflix and their 60 million u.s. subscribers, you are comparing them to other subscriptions that have zero subscribers. emily: they currently have zero, but which do you believe will pose the biggest threat to netflix? eric: i think disney ultimately will pose the biggest threat. disney currently own hulu, which is the number three largest streaming service in the u.s., when you take netflix as number one and amazon prime as number two. disney already has a lot of experience in this field. second, they are price competitive and household names. when you compare disney plus, they're pricing at around seven dollars, and rumors of a bundle
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hulu currently has 30 million u.s. subscribers. it is a competitive package and they should be able to scale up quickly. emily: thanks so much for stopping by. eric: thank you. emily: customer data is at the heart of a controversial new medical plan in the u.k. former u.k. science minister is proposing to sell patient to but forising debt, english national health service, which provides free medical care to more than 55 million residents, some are sounding the alarm. england's national health service provides free care to everyone who walks into the hospital or doctor's office. as costs rise, that puts the system under increasing pressure. billions of dollars are trying to put to better use. after taking care of everyone in the country for seven decades, the nhs has lifelong medical
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records of practically all of its residents, some 55 million people. that is exactly the kind of data that companies want to run through ai on rhythms to answer questions like which drugs work in which patients, when are people with a chronic illness likely to get worse, how can we tell when symptoms -- patients with similar symptoms have different illnesses? as valuable as this data is, it is very private. and it belongs to patients. how do you make sure that they benefit from the research it enables and are not harmed if it gets into the wrong hands? that issue has come up again and again with hospital records. a former u.k. science minister has experience with the u.k. beginning at a young age after he was born blind in one eye. health care entrepreneur, he believes the nhs has an obligation to share its data with companies that want to analyze it. signing up nhs hospitals to put patient records into a database to send to
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health care companies. companies have to use the company for patient benefit. companies only get the results of data analysis, not any patient data. the nhs division called trust gets financial return. time will tell whether the company can help the nhs turn patient records into gold. john lower men, bloomberg news, london. coming up, this week on capitol hill, all eyes on big tech. we talk with a.c.l. about a big tech breakup, his thoughts on facebook's libra and more. this is bloomberg. ♪
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in need. experience the leesa hybrid mattress. right now, it's on sale. order today. go to leesa.com. ♪ this is "bloomberg technology." i am emily chang in san francisco. it is a question asked all week, is big tex too big? one says yes, starting with facebook. >> is facebook in your view a monopoly? >> no, congressman. >> i assume the reason is because in your view facebook has a number of competitors and products the company offers, is that a fair characterization?
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>> yes, correct. >> what is the largest social media network platform company by active users in the world, do you know? >> congressman, i don't. i know we had 2.7 billion users. >> i can tell you it is facebook, number one. emily: joining us now is max election, who cofounded paypal and invested in startups. he joins me now in the studio. that exchange was on, whatsapp, instagram, facebook messenger, all under the facebook umbrella. do you think facebook is a monopoly? technical answer is relatively nuanced. i'm sure there are pieces of the market that understand. they are, in fact, the dominant player, to the point where they can't be displaced. if i was arguing facebook side,
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china, zero facebook there, plenty of their own companies. i'm not sure that is the most relevant question is, is it too big? emily: is it too big? : that is a much harder question to answer. it is big. it is bigger than most nations. in that sense, they are right. it is hard to say it is too big if you ask who they compete with. chineseompare them to companies they go up against in spend, companies like tencent are gargantuan, and not at risk in broken up by the chinese government. if you want facebook to compete with tencent successfully, breaking them up seems like a counterintuitive thing. emily: you buy the argument
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facebook has made, if you break up facebook, you will hurt u.s. competitiveness? >> i buy what you said except for one thing. and all u.s.ook companies should be regulated. there is a huge difference between being regulated and abiding by laws, antitrust, all the things the government has amassed of how to behave in a society with the rule of law. breaking it up does her the ability to compete, especially internationally. regulating it is what the government should be doing, and doing a better job, by the way. emily: as somebody who cofounded paypal and dealt with money fraud on the internet, what you think of this libra thing? max: that is a wonderful
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collection of super interesting questions. i agree with david marcus. that it isinted out a hammer looking for a nail for quite some time. we are seeing real applications to the blockchain tech, just the idea of a public ledger. it will get put to good use. i think the most obvious application of libra brought down to an individual level is payments. you could make cheap remittances happen. if you look at the costs from companies to send money back home, you will see an enormous spread. plenty of startups are trying to attack that. massivelybra could compress fees in that market. that would be very good. in general, libra is a force for
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good, so really interesting experiment. i'm glad they are doing it in a way that is not just facebook. but, there are many other questions to ask about the applications. for example, if you are buying into libra, does that create more opportunities for money fraud or not? it will be a set of open problems for quite a while. emily: can we trust facebook to do this? i know david marcus ran paypal for a long time after your time at the company, but facebook has showed that in many situations they can't be trusted. i saidgo back to what about facebook in the ad market. it is the job of u.s. regulators to not trust large companies, or any companies. their job is to audit, regulate,
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and provide rule of law for everyone. libra is interesting. it is facebook initiating this thing, other companies coming together to govern it. the government should take an active stance regulating libra. within that, they should not rely on facebook being a good company. i'm sure they will act in their best interests. companies will do the thing they need to do. our job is to protect consumers and ensure equal competition. made newser thiel this week. he called out google for being "seemingly treasonous in its worker efforts to get back into china." facebook has tried to get into china as well, but openly question whether google has been infiltrated by foreign spies. what is your reaction to that?
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max: i have yet to ask him what he meant. stranger to saying controversial things to attract attention to in issue. i think the questions around how do we interact with china at a trade level, policy level is an important question. like orhe things i dislike about the current administration is they brought up how do we deal with china in a world where intellectual property is treated as a different thing by different countries. that said, i think peter was trying to attract attention. i will stop there. emily: he certainly got it. he called elizabeth one the most dangerous presidential candidate. she has called for the breakup of big tex. he called the other democratic candidates equally unimpressive. what do you think, speaking of politics? emily: i'm the last person --
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max: i am the last person who gets involved in politics. think the most ,ensible thing i have heard elizabeth warren so they fundamentally believed in capitalism, i think that is an important thing for a future u.s. president to believe, that capitalism is the way this country will maintain, and enlightened version of capitalism, empowering entrepreneurship, which to me is what capitalism is all about. you build a couple of good companies and do more of that. that is what this country edit best is all about. if candidates treat that as an american ideal, i am supportive of whatever party they are from. many other things will not matter as much to me. maintain let's
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just break them up because they need to be small and less competitive is goofy idea. you are setting them up to be hammered by larger companies on an international stage. emily: affirm opened a new headquarters in pittsburgh, why? max: it is a great city with a surplus of talent that can be hired to help build a better customer experience. we are launching customer service there. you typically think that pittsburgh is a place where you hire scientists to do machine vision. doare opening a center to customer service and other operational functions. there, hire 500 people so a huge office for us. emily: what is the vision for a in this changing world,
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affirmurrency and -- for in this world, cryptocurrency and changing to knology -- changing technology. ? ? max: people are looking for easier to understand ways of handling their money and budget their lives. you can think of it as america has wanted to deleverage. 2008 was about over leveraging, getting complicated, and getting hurt. you still need to buy things over time, but if you are not careful, you will pay interest the rest of your days. all we do is say let's simplify that. you want to buy a bicycle, a mattress, or anything in between , we will help you pay for these things over time in a way you understand. toolsentally it is just to lead a simpler, less
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leveraged financial life while still accomplishing your life goals. emily: thank you for joining us, always good to have you here. max: great to see you. they: still ahead, slightest genetic mutation can have devastating impacts on a person's health, but there are ahead to prevent it. we will look at a preventative counselor, next. ♪
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emily: the deadly software glitch aboard boeing 737 planes is not the only thing to be concerned about. cause safetyan hazards. a new faa report says
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potentially hundreds of planes in vulnerable to interference from wi-fi. the new report said passenger cell phones could pose a crash andat to some models of 737 777 models. makes the screens says it is unaware of any issues. has not seen any issues on aircraft. that is frightening. genetic counseling could be key to good health. several labs offer genome sequencing. a new trend is focusing on health. boston's brigham and women's hospital opened its own genetic clinic to catch conditions early while they are treatable or to prevent conditions from developing. bloomberg spoke with a genetic counselor about her role in the latest edition of bloomberg's
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next job series. ♪ >> from the moment we are encode in our genes us every instruction our bodies will ever need. these genes build our organs, muscles, brains. they help us grow and keep us healthy. ♪ tiniest deviations often make us sick. carrying these deviations without ever knowing it. wants to find those problems early before it becomes too late. >> i am a preventive genetic counselor. ♪ thousands,arly to
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scientists decoded the first human genome. since then, they have discovered the genetic footprint of thousands of illnesses. if you have a health problem or come from a family with health problems, your daughter may order a dna test to diagnose or treat you. >> in our studies, we are finding their heart 10% of people walking around that we would expect to have symptoms of the condition now or to develop it in the future. >> she has a masters degree in genetic counseling. four years ago, she joined the research program. the program has been screening the genomes of healthy people, and through her research, she has helped more than 100 patients make sense of the results. ♪ early findings like this
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open thebrigham to clinic last year. >> why does she want to be tested? what is her motivation? >> it is led by dr. robert greene. she has seen her first few patients. it is one of the world's only clinics offering dna testing for preventative purposes. seventhe to become its ever patient. >> hi. nice to meet you. >> nice to meet you. ♪ >> she is trying to guide patients through the complicated world of dna testing, and that starts with helping patients choose the right tests. you might even have taken was at but it looksemmy, ,t less than 1% of your genome
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identifying your risk of developing 13 conditions. the work i am getting will sequence virtually by entire genome, placing focus on 3700 genes associated with more than 2500 conditions. today wills, my bill be just over $4000, which includes this hospital visit and the cost to sequence my dna and analyze it did it is a lot since most of it is not covered by insurance, but take a look at how much the cost of sequencing has come down over the last few decades. this is quite genetic testing has become so widely available and the professionals who help patients make sense of them are now in such high demand. salaries soared, with genetic counselors earning an median $80,000 last year, more than twice the median pay in the u.s..
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machines extracted dna from the ells,i of micelles -- my c then more machines read the base pairs that make up the dna, which geneticists analyze for clues to disease. ♪ mainstream,is goes she and her colleagues still have much to prove. will the price of these tests be worth the lives they save? lead to unnecessary procedures? with enough research, this technology could become standard for all of us. >> may be when day all of us will get sequenced at birth and have that information to inform our health care over time. >> then we will have a lot more
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genetic counselors, helping us prevent what we can and plan for what we can. they will guide us from one milestone to the next, through , adolescence, and adulthood, all the way to old age. ofly: coming up, more bloomberg technology after this quick break. this is bloomberg. ♪
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♪ slump?what smartphone that could be the thinking of tm
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smc. could this be allaying fears of inersistent global downturn washington and beijing continue their trade war? to answer that, let's get to beijing. defyinge explain tsmc gravity? investors toing breathe a sigh of relief. it is seen as a bellwether for the global tech economy. it is the world's largest contract manufacturer. the first half of the year was difficult for this company, the worst performance since 2011, hampered by the trade war and geopolitical issues. ing outs got a bottom and we are seeing a revival. tsmc has continued to sell and
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work with huawei because they are not hampered by u.s. trade restrictions, though they did get that dampening of demand in the smartphone industry, but geopolitical risks remain a key concern for the company, especially with the japan-south korea dispute. we heard from the chairman that is the key uncertainty for the company and they can't pinpoint what products will be impacted the rest of the year. emily: given the geopolitical issues between the u.s. and china, japan and south korea, how is that impacting the regulatory situation? what is the position that the chinese government? >> it has been an interesting contrast. in the u.s., we are seeing antitrust issues, concerns tech companies are getting too big with lawmakers going hard at him, but in china, a different situation. war hase war, tech
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caused a lot of nationalism, and anecdotally, there is a patriotism that comes when they learn with what is going on with huawei and have the trade war is hurting their companies. there has been a regulatory let-up. we used to see regular headlines around censorship, safety, and we have not seen the same frequency of regulatory crackdowns. beijingways opaque, but wants to give their tech companies breathing room as they are dealing with hampering issues given the broader geopolitical issues. there is huawei, zte. we have seen the overall economy slow. we have seen it more difficult for companies to make mergers and acquisitions given up stepping up. the thinking is the last thing
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beijing wants now is to further hurt their tech industry. they want to champion it instead. emily: all right, a lot to digest. selina wang in beijing. thank you for joining us. that is it for this edition of "bloomberg technology." be sure to follow tictoc on twitter. this is bloomberg. ♪
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♪ welcome to "bloomberg daybreak: australia." ahn. ahn: i am shery sophie: we are counting down to the open. ♪ paul: here are the top stories in the next hour. can't wait to cut. andents from numbers two three suggest a ready to move. morgan stanley losing ground, 14% drop in equities trading revenue the steepest among banks. the fallout from the 73

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