tv Bloomberg Technology Bloomberg October 22, 2021 5:00pm-6:00pm EDT
data collection is hitting adds her. but it means as other platforms both report next week. plus, while week for crypto. two new etf's are sending the cryptocurrency to all-time highs. we will tell you what is coming up next. and the ceo of intel says chip production plans need a boost from conference, as the supply chain situation continues. we look at that after shares plunged 12%. we will get to all that in a moment. first, markets, tech weighing heavily on the broader markets today. kriti: absolutely dragging the s&p 500 down after a winning streak. down about 1/10 of 1%, but the real action happen in the tech market, the nasdaq down 0.8%. it was something that echoed throughout the subsectors. down 1.2% on the day.
the risk sentiment under pressure. bitcoin, crypto, down over 2%, telling the people pulling out ahead of the weekend. some people did well today. tesla shares, the perfect storm when it comes to market cap. for a brief moment, they were larger than facebook shares. facebook, the snapchat story, we will get to that in a second, but that was earlier this year when risk sentiment thrived in january, but then briefly happening today, we will see next week, with the big tech earnings, that dynamic, excuse me, maintain. i want to hit those facebook and snapchat stories. facebook under pressure, alongside pinterest and twitter, that 27% decline in snapchat shares, it has to do with those apple fees, dorothy's, pressure -- store fees, pressure, how
they collect data, but also advertisers are not interested in it anymore, because they have will have to fill that capacity with the supply chain issues, that may not be a possibility. emily: thank you so much. that apple ad tracking technology essentially having a big impact. i want to stick with snap and get to the fallout for snap and other social media companies. mark, 27% is a big drop. they are coming off a big quarter, but what is your take? mark: well, the stock was 20 times sales going into the print. they never missed the low end of guidance before. they insisted they would not see a dramatic impact from the change, the apple change you mentioned. you put that together and you had a dramatic reduction in estimates, double-digit reduction in estimates next year. i thought the stock would've
held down 20%, but that it traded off dramatically is not too surprising. it is a little oversold, but it should've taken a haircut based on the results last night. emily: if snap cannot make as much money from advertising, where will it come from? mark: uh, uh, i don't think there is a place, there is no substitute for a snap, it is an ad revenue business. having said that, i don't think snap is permanently impaired. snap was the first to see this, that the rest of the ecosystem will see. the question is to what degree, more or less hurt than snap is? this at&t change, this apple privacy changes, i mean, that infects, impacts the advertising and marketers. those changes make it harder for marketers to track the efficiency of ads. they are responding by cutting back on their ad spend across the board.
you have other issues, like supply shortages, inflationary cost issues, wages, so you have less product, let's add revenue, less margin, unless advertising spend. it is like a trifecta or perfect storm. three things going against ad platforms. finally, there is a fourth, you have tough comps. it is like it is hard to be long or constructive near-term about advertising assets and the internet space between now and the end of the year. emily: i want to make a turn to pinterest. paypal has explored buying pinterest. obviously, pinterest also somewhat dependent on advertising as well from a book what do you think about a paypal -pinterest tie up? do you like it? mark: well, let's see, for pinterest shareholders, $50
stock, and a $70 buyout offer, given that, those four headwinds, tough comps, supply constraints and margin pressures , i am not sure pinterest by itself will see $70 anytime soon. has a shareholder, it depends on how long your investing horizon is whether you like this deal or not. it is no question in my mind that paypal now would be able to get pinterest at a weak point in the company's history. whether that is good for shareholders, that is debatable. are there a lot of synergies between the two? maybe. to the extent pinterest can become more of a marketplace than just advertising regeneration business, that is where would be really interesting. whether that justifies an acquisition by paypal, as opposed to a strategic by, that is a different question. emily: how does it change the
social commerce landscape, pinterest, instagram, or even shop a five -- shopify to a certain extent? mark: that is crucial. we have an increase in two things during the covid crisis, online retail shopping. you had a surge in the use of social media as people try to connect and entertain, get news, etc., but what came out of that was this boost in growth in social commerce. pinterest saw it. facebook, instagram have seen it. shopify has been a beneficiary. it is one of the enduring impacts of the covid crisis, and that is why, that is the underlying justification for paypal and pinterest. emily: i want to ask you about
netflix. it posted the strongest of subscriber growth of the year in the quarter. earlier this week, one person, longtime entertainment washer, he said he doesn't think the numbers are as good as they look. he thinks netflix is doing more of the same, and that will make them vulnerable to disney and hbo. take a listen to what he had to say. >> the concern is that when you look three years or four years out, i don't think anybody doubts disney plus will have a larger subscriber base the netflix. they still don't have those offerings. the transition to gaming has been slow. the diversification of revenue, some merchandising, but that does not compare to what nbc
universal does. that is the biggest challenge. it is more of the same. emily: mark, what he think at that point? mark: he put a lot of points in their. -- there. a few years ago, we were talking about which would be bigger, hbo or netflix. netflix is bigger. now were talking about whether netflix can take on disney. well, the game has changed, and out of respect to netflix. i don't think squid game was a one off. i did not know about it two months ago. neither did you. weikel back -- we go back a year, we didn't know about bridget and, but netflix has the ability to take these shows and launch them into the zeitgeist, and now there is an increase in people trying to learn korean, and there was a surge in chessboard sales because of
queens gambit. you would not see squid game on disney plus. there is too much violence for disney plus. netflix has the ability, showing tremendous international strength. they are taking these shows that we all know, and netflix has the ability to take these and globalize them. what netflix is showing with a dozen really high quality shows that can go local with the ability to keep doing this, coming a content machine, like disney in the past, so i am super bullish on netflix. near-term, great run. i'd like it for the fourth quarter. i think netflix is a clean plate in the fourth quarter and early part of next year, so i am bullish on netflix paired that would be my response. emily: we definitely pulled out the chessboard after queens gambit. i'm still having nightmares from squid games. it did have a big impact. you will stick with us. we have much more to talk about
and tom. what do these snap results tell you about facebook on monday, when facebook has already said that changes will negatively impact the revenue? mark: i think the readthrough from snap is negative. yes, facebook warned us, and snap gave us good reason to heed those warnings. we will see some advertisers cut back on their spend. there are issues with supply constraints and pressures. it is a trifecta of challenges for advertising companies that have exposure to mobile, gaming, and retail verticals, and do a lot of direct response or performance marketing, that is snap and definitely facebook. facebook's hedge is they have been telling people about this for a while. the estimates have been set more reasonably than they were for snap. my guess is we will get a little
bit of a difference -- i may be wrong here, but my guess is that engineers will be better managing risk and figuring out solutions at facebook and snap. my guess is they will not be as badly impacted as snap was, but expectations are already lowered going into the print, so they don't have the snap shock. emily: one disadvantage facebook may have are the negative stories that come out day after day, but it almost seems like an hour after hour, the bad news about facebook keeps coming. are we going to see that sentiment reflected in what we see on monday? tom: you have seen the shares come down a bit. there are a lot of factors, some macroeconomics, inflation, but since this most recent story started to come out from the wall street journal and other publications, it is casting a
pall over the outlook. they continue to post growth numbers, but at what stage does this reputational risk start to take a toll on things like employee morale with the ability to recruit? what stage do wall street analysts think, maybe we will tame back are growth estimates for the company based on some of these reputational risks? we keep seeing them time and time again. emily: mark, you have been on the show many times, facebook earnings, defying odds, defying press, stock has gone up, i wonder if you think this time might be different, if facebook is finally going to come are the shares finally going to suffer as a result of all these reputational risks? mark: two points. one, shares already have a
discount related to b's overhang issues. it is him was 25%. here is the quick check. you look at the multiples facebook trades at versus google from a basically a 25% discount, despite the growth profile is similar. that tells me that investors are actually giving facebook a discount party, then, there are four constituents when it comes to facebook, advertisers, consumers, will they leave? those two are tied together. will employees leave? what about investors? will they say i can have this in my portfolio? esg concerns have become greater in the investment landscape. between now and the next facebook shareholder meeting in may, the company will have to start showing what it can do to change the negative esg perceptions of the company. if they don't do it, i would not
be surprised to see portfolio managers saying i cannot have this in my portfolio. the flipside is that is a nice catalyst if facebook can convince people they can take esg more seriously than it has in the past. emily: interesting. next week, facebook connect, where we will potentially get a new name for facebook revealed. there is a report that facebook is seriously considering changing its name to convey the idea of its future in the meta-verse. what do we know about what will happen at facebook connect? tom: they really want to show that there is a new facebook coming, a different facebook than the one that we have all come to know. some people love, some people hate. mark has been talking quarter after quarter about the meta-verse. this digital world in which you can exist and interact and create communities once again.
differently, using vr, ar tools the trying to be at the forefront. it is a great time for facebook to start thinking about redirecting the way we as a public and all the constituencies mark mentioned, think about what facebook is. it is a great time for them to reimagine, repackage themselves for the public that has grown so tired that story after story about the ways their algorithms go awry. so whether they change their name or not, or have an umbrella group, like alphabet did, it is almost besides the point. what will be really important is they rebrand the weight you think about what facebook is, what it represents. is it going to remain this place where all of these terrible interactions happen, where all this disinformation could spread, or is it going to become
a place that gets back to what i think mark's original vision for the company was, a place about constructive connection, bringing the world closer together, and maybe it happens in this meta-verse, this different world? emily: mark, is it going to work, is the name change going to work? will it serve as a rebrand? two, could this be setting the stage for mark zuckerberg, was google changed the name of the parent company to alphabet, a name change that could lead mark zuckerberg becoming chair and stepping away? mark: you stumped me with both of those questions. i'm thinking about that. would he be willing to step down? i don't sense that.
i understand why sergei and larry, jeff bezos did, reed hastings devolving into a co-see your role, founders who put in 10 years, 20 years, looking for change. zuckerberg does not strike me that he is willing to do that. there is also not a clear person to take over for him. you would want to have somebody in there and stick with that and work it out, worked closely with them for five years before you make that transition, so i'm skeptical he wants to step down, but it would be interesting if he did. i would not be surprised if the stock would trade up on that. emily: it would be interesting. next week will be interesting. we will be covering it all. thank you both. ok, coming up, a covid surge in germany. pushback against vaccine mandates in the u.s. and pfizer for kids. we will wrap the latest virus news. this is bloomberg.
emily: around the world, the virus news continues. germany reporting the biggest increase in covid cases and five months, raising concerns about a winter surge. in the u.s., a pfizer vaccine for kids, paving the way for children under 12 to be vaccinated. all of this, while unions are pushing back against vaccines, placing officers at all and's with their task of protecting residents. here with more is robert. robert, appreciate your reporting across all virus developments. good news for boosters this week, for those who want to mix-and-match. how does the rollout proceed
from now? robert: it is happening now. it is complicated. three different boosters. complicated rules for who can and should get those. if you get the messenger rna vaccines, after six months, elderly, high-risk, you are authorized to get them. if you got the one-shot vaccine, after two months, you can get any of the three other vaccines as boosters. the rules are complicated, but that is the situation. emily: the pfizer vaccine for kids said to be reviewed next week. how soon after that could this be approved, getting the shot in arms? robert: quickly after that. likely early november. next tuesday, likely to get authorized by the fda after that
, cdc advisory group meeting, and that is early next week, then that is likely to recommend using it in younger kids, then likely to be off to the races. the harder question will be hitting parents to give it to the younger kids, because with this virus, it is so infectious, with delta, you need a high percentage of the population to get shots for herd immunity. emily: certainly all promising developments. robert, thank you. we will continue to follow your reporting across all of this. appreciate it. coming up, crypto, u.s. exchanges, two new etf's which sent the cryptocurrency to all-time highs. we will look at the week that was in the line between institutional and retail investing, next. this is bloomberg. ♪ oomberg. ♪
emily: welcome back. i will get more on the markets. and know you looking at crypto currency. exciting week. bitcoin off its highs from earlier this week but we are heading into a weekend or there is a lot of activity. what are you seeing? kriti: you can see that show encrypt out. it is becoming a part of the cross asset trade. it has every and to do with the s&p 500 with yield that you've seen in the last four months.
it is not your average retail trader. it is actively part of this cross asset trade telling us that may be, the could be an institutional bit behind it as well. if you don't want to invest in crypto, there are other ways to do it. there's also the bitcoin futures etf that was debuted this week. you can see the client that we ended on the week. if you compared to the exchange or another way to invest and get that crypto exposure, you made a lot of money if you were bullish on the exchange, for example. several different ways to play. those crypto bowls ended up with the most gains on the weekend. i want to end with of course, the etf that debuted today. really, dropping in line with broad risk. i want to remind you and our audience that this is not the end of those crypto you -- crypto etf debuts. there are several other players in the space that may bring their own products to market as
soon as next week. emily: thank you, for that round up. i want to stick with crypto. we spoke to larry summers who said that it is a digital gold hedge against inflation. >> what you saw this week was bitcoin has had some emergence as a digital gold. the thing you want to hold if you are worried about inflation. emily: more of that interview coming up in a bit on this week's addition of wall street week. for more on the week that wasn't crypto, i want to bring in the ceo of epiphany, a global crypto trading firm for investors and our managing editor. her team is always incredibly busy here at bloomberg news. i want to start with you. given the activity this week, your exposure to institutional investors, what was behind the search in bitcoin this week and the drop off we saw towards the
second half of the week and what are you expecting going into the weekend? guest: thank you for having me. i think the surge has to do with the etf that has been approved this week. there have been a lot of talks in the crypto community to attract bitcoin. i am on the same page as those folks. it is an inexpensive way to gain exposure to bitcoin. however, the impact in the crypto space has been positive according to the prices. the launch of this etf has sent bitcoin to a new all-time high and everybody should be grateful for that. we have to understand that the sec is making a big step and there are an enormous amount of assets that once again exposure. it is gives us an opportunity to do so. on the second date listed, they passed one billion this will help contribute to the bitcoin market cap. emily: what is your take on this
new etf given that they are based on futures, not spot and some folks we spoke to this week think this is a lot of hype? "bloomberg markets china open." -- reporter: there's is been institutional interest and the fact of the legitimization or validation that the existence of these etf's, even they are futures back bring to the market. it is been a long road for people trying to get here. in addition to that, there are people who are hopeful that the possibility of this falling -- following in the footsteps are not far behind because this is more of an attractive potential trade. emily: how does this impact the price of bitcoin? do i buy now? do i wait? what will happen into the weekend? for as many crypto supporters and optimists that are out there, we also hear from former
ceo of goldman sachs who said it is not something that he in particular is attracted to. guest: this goes back to the point and how this is an inefficient way to get exposure to bitcoin. it sends bitcoin to the moon. there is a lot of this reasons for a demand for this product in the market. a lot of people who speak the crypto language seem to forget how oblivious financial markets are to the crypto world. there are solid reasonings for demanding this etf. for a lot of crypto institutions like ourselves, we understand the fragmented market place in crypto and i am comfortable of touching it directly through exchanges or other protocols. for a lot of old-school people who have been in the traditional market for a long time, when they ask questions like where do
bitcoin trade? how do i transfer it crypto? they have a hard time understanding and getting comfortable with the answers they are getting. there is no nasdaq or other things for crypto p or how it it is treated is different from traditional assets. luckily, there a number of players that can help these new institutions in crypto. the same phenomenon can be set about the young crypto native traders who have never touch the traditional financial market. they don't want to touch u.s. dollars directly. they want to use stable points. they ask oceans about brokers, what do i these stocks? what is the parallel between crypto and equity wall? because there is a difference between the two worlds, the etf gives traditional market players exposure to bitcoin in the way they are countable with. for that reason alone, i support the existence of this etf. emily: what are the trends you are following as they get
integrated more heavily into exchange market? reporter: i appreciate the way how they slain how this is acting like a translator or mechanism for different parts of the market to start talking to each other in a way that they all understand. they may not all agree but that is certainly something we are looking at in the broader context. you have a position we have seen within wall street banks just in the last 3-5 weeks where fans are saying we are not entirely sold necessarily on the proposition of coins themselves. we are not entirely sure we are as enamored with some of the entity evaluations but we think there is an interesting carve out here for deify. what they said that goldman was that this is something they are looking at and as you all reported a couple weeks ago, bank of america is fully engaging in an analysis of crypto broadly. we think that the existence of
d5 and the discussions around different types of contracts like how this will change all forms of traditional finance and other sectors is something we will continue to pay attention to. emily: given the issue with the outages lately, are you concerned at all about impact to your operations or are these just growing pains that will be worked out? guest: these will be growing pains we will have to deal with. based on the data we have, we have seen a significant shift in trading volume from bitcoin to other out points. this shift is very positive for the crypto community. it means that institutions are realizing that crypto is not all about bitcoin speculation but about the underlying technology and what you can do. we will continue to see more volume generating from the markets and maybe, even in etf like theory and. definitely, a big positive. we will have to deal with the growing pains for sure. emily: so much to continue to
follow. our crypto team and managing editor. we will be all over this. thank you both. epic games changed a pandemic inspired policy is angering some of its employees. the maker of the hit game " fortnite" is ending a policy that allowed staff to take off every other friday. shorter work weeks have been a hot button as people rethink their post-pandemic work practices. intel come back. they are promising is happening but investors are not buying in. my conversation with them up next. a reminder about earnings coming out next week facebook coming up monday, tuesday we will hear from alphabet, microsoft, texas, texas instruments, ebay on wednesday and thursday, we will hear from apple and amazon. we will be all the details right here on bloomberg technology. this is bloomberg.
>> the choice of doing nothing is not an option. >> we have seen in increase month after month after month of just a surge in demand for goods driven by e-commerce but also this shift away from services towards goods. >> it is a market in flux. unlike the recession or the bankruptcies or the tsunami that have caused inventory shortages, it is difference. it is a supply issue, not a demand issue. >> price of going up 30% and volume is running up 20% right now and will be even more as the year goes on or as the fourth
season -- fourth-quarter peak season hits us. >> the biggest problem is the labor force and getting more truck drivers and capacity and getting more warehouse capacity through labor and our distribution centers. emily: he is heard from three key executives who spoke to us this week about the supply chain crunch. threatening the holiday shopping season and not only are there ship problems, we cannot forget about the ship problems. i sat with intel ceo about the shortage of semiconductors along with his plans to leave the company back to dominance in a now super competitive industry. i started by asking about investor reactions to the results of shares closing down 12%. take a listen. >> i am not surprised by the reaction of the results yesterday. everybody is looking at saying oh, i am making the shift from a value company to a growth company. in the middle of that shift, when and how, investors leaning into that future but i am quite
confident in the numbers, the plan. i am a beat raise kind of guy who has seen our past leadership roles. we are on track for a great future. emily: one of the most consistent lines of questioning you got on the call is how and when intel healthy margins return. it is a country that historically had really good margins. walk us through when that happened? guest: 51-53 is arranged for the next three years. that margin depression is largely driven by this capital cycle we are on. we are building out capital. we have been under invested in capital for a whelp it we have a growing market to catch up with and we are committed to sustained leadership five process modes in four years. all of that requires investment and we are building out these new business areas. until those new business areas start producing revenue, their drags on the margin and when we start producing it, we see the benefits of those roles for the
p&l. overall, couple three years, recovery path to the future. also the freak -- cash flow. we have great operational cash flow but we are making big capital investments and a couple years, we will see a nice recovery cycle. we laid it out clearly to the streets at this moment so everyone knows exactly what they are getting into when they participate in this great turnaround story. the pivot has happened and we are underway. emily: i spoke to tony fedele yesterday, creator of the ipod, behind the iphone. he said by apple making its own chips, so much more is possible when it comes to innovation. they are never coming back to intel. can intel recover from losing apple and how specifically? guest: whether they come back or not, the question is do i have better products or process technology than they could do themselves? ab they become a foundry customer and as my process
technology becomes the best, they may or may not be interested in that but i can promise you that we will have the best process and packaging technology. apple is very problematic -- pragmatic. they make good decisions to make the best product it will never move back to intel based products? if i deliver better products, they make pragmatic decisions. we are also very realistic and that these decisions are many years in the making. our objective is to build great products. how about vibrant pc ecosystem? tremendous process technology, leadership and the capacity and packaging to do it? i believe they and everybody else will make pragmatic decisions as that story builds and the intel folio of technology. business will be well rewarded for those investments and our customers can produce the best stuff on earth emily: supply chain pain seems to be getting worse.
apple will have to cut production of 10 million iphones and this is the bleakest backlog they have ever seen. you have an updated projection on when prices get better? guest: might projections have not changed one syllable. we have always said that the second half of this year will be the worse. q2-q4 is the bottom q1, every quarter here will get incrementally better but you will see shortages that persist into 23. this is the bottom and it will start getting a little bit that are every quarter and next year but we will not see reasonable supply balance until 2023. it just takes that long to build new capacity. to bring on new factories, to expand capabilities and manufacturing and the sea of rebalancing of the supply chain across the industry. overall, a clearly impacted our q3 and we expect our q4 results. it will have better revenue
results. i have customers. i got three customer escalations. it was more parts, i'm going to have to shut down factories. emily: there in many summits from the biden administration to shore up this chip industry with the legislation. are you getting what you need from d.c. and her things moving fast enough to solve the crisis? guest: i'm a torrid pace kind of guy so it is never fast enough from my perspective. we are still optimistic that the chip that will be approved from the house and funded so we can start to take benefit of that next year. the capital plans we have laid out do not presume anything heroic on the part of the government. we would like to go bigger and faster as a result of the investments from the u.s. government. a strong plea to the house is to get the chip that done, get it funded. i know we and others are looking
forward to the opportunity to go even faster to rebuild our supply chains and get more of that back on u.s. soil as a result of this funding. let us get it done. please, call your representatives. get the chip vac done, this year and funded. we want to go bigger and faster. emily: the rise of competition is only going up. they'll be $28 billion poured into samsung and sending more. is that the new normal that this is just a cross intensive -- cost intensive business and the costs are going up? guest: part of it is exactly that. these new factories, 10 billion at a pop. this is a big, big investment of technology. we said there is only three companies that can do that. intel, samsung and at the scale of r&d of capital intensity. it also is a bigger industry. today, semiconductor industry is half a trillion good by the end
of the decade it will be a chilean dollar industry. these investments are to tilt out for a growing industry that is the most complicated, sophisticated and advanced manufacturing that has ever been done on planet earth. that is what we do. every aspect of human existence is now becoming digital. everything digital, runs on semiconductors. every aspect is permeating your life and every dimension and we want to be the company leaning in to make that digital future possible. emily: you can catch the full interview on a website. we will stick with supply chain issues and hear about how one toymaker is working 30 bottlenecks that have been crippling companies worldwide next. this is bloomberg. ♪
emily: they are ending their distribution deal with sony records and move to universal mood -- music group. they had been pursuing bts for years. interscope had a deal for three years with cape up girl group black bank which has won over western audiences including being the headline act at coachella in 2019. while the supply chain crunch has been hard on many companies big and small but mattel, known for its toys appears confident after raising for your guidance thursday. chairman and ceo spoke with us about how the company navigates supply chain disruption and its overall outlook. guest: it was another strong quarter with us for consumer demand for our products. we achieve growth and gain market shares for five consecutive rose now appeared we expect to continue growing for the balance of the year. gain market share and have a
strong holiday season. it is not that we don't have supply chain issues. we were able to work through them when we anticipated short supply and longer wait times. factor that into our planning with very specific mitigating actions. this is really where our scale, expertise and flexible supply model that we restructured over the last couple years is playing to our advantage. we are ready for a strong holiday season. anchor: when you say you have a strong holiday season, how much of the orders were frontloaded because people were scared about supply chain issues? will we see a little bit of a fade when the fourth quarter that we saw some frontloading already in the third quarter? guest: we are entering the fourth quarter with great momentum and off to a great start already. we are seeing that consumer
demand continues to be strong. written orders are strong. written promotional plans are in place and we have very exciting range of products that we are introducing to the market. it is always hard to tell exactly what phasing of consumer behaviors that we look forward to a happy holiday season with lots of toys for children to play with. anchor: you mentioned that you managed to reorganize or supply chains. we have heard from other companies that have had to pay over the odds this pace on's shipping containers and the cost of moving things around have cost more per have you had to burn more cost because of these issues. guest: we did see inflation. we expected it. it is affecting our profitability but even with that, we just raised our guidance for full year
adjustment to be between 900 and $920 million. it is the third race this year. we do expect to improve profitability and exceed $1 billion adjusted next year. anchor: you mentioned inflation. how much of the price hikes of the materials prices is being passed to the consumers? give us a sense of whether consumers how to pay more for your toys. guest: we already put our pricing action in place. this is part of our third-quarter results. we have not seen impacts on consumer behavior or consumer demand. what i can tell you is when we raise prices, we always have the consumer in mind. we always mentioned that is thoughtful and we can't quality and value for consumers.
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david: more action and direction from earnings, bonds and chinese real estate. this is "bloomberg wall street week." and i am david westin. larry summers on tapering, growth rates and monetary stimulus. >> will have a difficult inflationary dynamic. "bloomberg wall street week." former -- david: former ceo in reining in the tech giants. on getting supply and demand back in line.