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tv   Bloomberg Technology  Bloomberg  November 15, 2021 11:00pm-12:00am EST

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announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, president biden promises change for the better with his new infrastructure law coming at a precarious political moment as polls show overwhelming pessimism across the u.s. about the economy. we will break down the details.
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plus, another twitter filled weekend for elon musk the world's richest person taking on senator sanders. wide twitter users believe he could be hinting at selling more --tesla shares. and he's the youngest ceo of a public company on track to transform the trucking kindest re-dutch industry. -- the trucking industry. i will be speaking to the ceo of embarq. let's get a look at the markets. kriti gupta has the full picture. >> names like tesla and nvidia down on the day but then you have facebook and alphabet higher on the day. the s&p 500 index essentially unchanged on the day. another thing it shows is a risk off day with the cryptocurrency.
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we saw the risk bid and even with people pulling out of treasuries to the point where you saw a five basis point move in the 10 year yield. it comes down to one major thing, inflation. i want to show the month over month change in consumer sentiment. it is this side, the white line is the month over month inflation change. you can see they are diverting, the idea of this healthy growth pushing inflation higher. that will be the macro picture. i want to hit one micro after hours earnings story, that is lucid motors. shares up after hours after reporting decent third-quarter guidance, affirming the 20,000 vehicle goal and strengthening the bound sheet to $4.8 billion in cash. emily: thank you for that round up. same time, president biden
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promised americans that his new infrastructure law will improve their lives and keep the u.s. economy going even though polls show widespread discontent with the nation's trajectory. the president signed a 550 billion dollar measure at the white house. emily wilkins is in washington with all the details. talk about the president's words today as he was signing this bill into law. >> you saw president biden hit on a couple different topics. number one, bipartisanship. what he ran on when he was running for president, the president who can work with republicans to get things done. this will be joe biden with his crowning achievement in that particular area, getting to work with republicans on this bill. hyper partition ship in washington is probably going to prevent him from getting anything like this done so he will tout this. this also came at a time when president biden's approval
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ratings are low and he's struggling to deal with inflation, deal with covid-19, deal with the economy. this was a moment for president biden to take the win, to do a victory lap and tout this bill and tout the benefits of the bill. he also alluded to china, hours before he is set to get on the phone with president xi jinping, saying this would prevent the u.s. from losing its edge and help it remain competitive against other major economies. emily: went does this get implemented? >> we will see implementations already. we saw president biden nominate his top officials at the white house as well as the former mayor of new orleans to lead a committee trying to make sure that as this $550 billion goes out to americans implemented with the white house decision, that is taking things into consideration such as speed, getting the money out there, as well as the social justice
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component aching shirt -- making sure disadvantaged communities are receiving funding. i spoke with the transportation and infrastructure chairman a few weeks ago and he said once construction season gets underway in the spring, that's when americans will start seeing the effects of this. emily: of course, this is only half of the infrastructure agenda. what about the other half, but human infrastructure part of the bill involving social welfare, texas, and the most -- taxes and the most controversial part -- taxes, and the most controversial part? >> absolutely, that is the one democrats are still trying to figure out how to pass. democrats are dealing with thin margins and broad ideologically speaking party so it's been difficult for them to come to consensus. what it looks like might happen this week is we still could potentially get a vote on the package within the house. right now, moderates are holding that up saying they want to get
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scores from the nonpartisan congressional budget office. they score the bill, saying this is how much they will spend and how much they will raise. with rising inflation, it has become important for moderate democrats to make sure the bill is fully paid for. if the house does pass it this week, then it goes to the senate which will continue to tweak it, go back to the house. they are on a deadline here of the end of the year. usually it's once you cross into the election year 2022. it doesn't matter the elections are all the way in november, once you get to that year, it gets harder to legislate. democrats still have a good path ahead of them on that bill as they figure out various components of it. emily: emily wilkins, thank you for that update. meantime, the world's wealthiest person spent much of the weekend taunting senator bernie sanders on twitter. after sanders repeatedly called for the ultrarich to pay more taxes, musk insulted the
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senator's age and asked if selling more tesla shares would satisfy him. that wouldn't require a elon musk to pay taxes on the gains and offload almost $7 billion worth of stocks in the last week. so musk back at it again. why is he, i don't know, lashing out or taking the bait this time? >> as far as i know, bernie sanders doesn't run his own tweeter -- twitter feed nor does he reply to anyone, but must still replies, taunting his age, i guess he feels politicians in washington are too old to be governing, taking shots at his age, offering to tell --pay more taxes. emily: "i keep forgetting you are still alive." we will say the words. what is he trying to say here? >> i think he just feels emboldened that he is the richest person in the world and
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on the one hand, a government contractor, he gets money from nasa and the department of defense. tesla has gotten funding in terms of the federal tax credit and has benefited from public policy, yet here he is throwing shots at a member of congress who has a --along with other progressives who just want the wealthy to pay their share. emily: so the $7 billion he already sold, do we think he will sell more? where is he going with it? >> it seems like a drip, drip, drip. this could come at any time. he doesn't want to do it all at once. why he's doing it this way, no one really knows. he has a lot more to go if he actually meets this 10% he claimed he would a couple weeks ago. emily: do we understand that how much he sold his just to meet tax obligations and stock sale obligations and how much he plans to sell to fulfill this
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ideal that he's a benevolent taxpayer? >> i don't know if he does quarterly estimates or all at once, texas with state tax or federal tax, i don't know what the strategy is, but he said he would sell 10% of his stake in tesla, that's above and beyond what he would need to sell for his own tax obligations. emily: we will watch for more so --sales and more tweets. they keep on coming. thank you. meantime, some vaccination news we are following recently. pfizer has begun to ramp up deliveries of the covid vaccine outside the richest nation. however, the ceo won't budge when it comes to divulging the secret formula. developing nations have been pushing makers to waive intellectual property rights. he's been leading the resistance and he calls ip rights the blood of the private sector.
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new york city is opening covid booster shots to all adults. anyone age 18 or older who got a moderna or pfizer vaccine at least six months ago or the johnson & johnson two months ago can get a booster. this as the city grapples with rising covid cases, more than six hundred 30,000 new yorkers -- 630,000 new yorkers have already gotten the booster. coming up, the great resignation. it is apparently happening in tech more than anywhere else. we will tell you why, next. this is bloomberg. ♪
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emily: the great resignation is continuing to loom now over the holiday season. thousands of workers still quitting in droves in a tight labor market, where they have more leverage to move around. employers are doing everything they can to keep up. joining us is sapphire partner'' cathy gao. thank you for joining us. the great resignation is being led by tech workers. why is that? >> the great resignation is not only happening, it is accelerating. a record 4.4 million americans quit their job in september and 50% said they are planning to look for a new job in 12 months. there is absolutely an ongoing war for talent and companies must adapt and introduce new strategies and new technologies. we are seeing the tight labor market across all sectors including retail, health care, and especially in technology. in tech, it's a game of musical chairs, seven out of 10 workers
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are thinking about leaving their job in the next year. employees have never been in such a position of power. it's interesting in the market. emily: is there something about tech that has employers reevaluating? is it because there's so many choices? >> absolutely. is a lot of ipo money. venture funding is at all-time highs. there's many great opportunities and lots of competitions for the best and brightest. some folks might certainly be changing careers while potentially exiting the labor force, but my sense is the majority are actually switching companies. traditionally, tech companies have boasted amazing office culture that fostered bonding and loyalty. all of that went away during the pandemic and companies are scrambling to find novel ways to attract and retain talent.
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emily: right now there are seven workers for every 10 jobs overall. how do employers compete? what should they be doing? >> who survived the talent shortage, companies must really innovate on tactics and technology. there is absolutely a dramatic shift in the future of work that's happening right now. not only is hr evolving and becoming way more expansive, the technologies that will support new modalities of work are also changing. as an investor at sapphire ventures, a leading venture capital firm, we are finding the next generation of companies pushing forward the future of work and collaboration. to show an example, on the talent acquisition side, we invested in a company called jem that enables companies to hire passive talent faster via automation. these are folks who weren't actively looking for jobs. still --they've been using
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tactics for years and finally on the talent acquisition side finds necessity. emily: how longview expect us to keep happening? is this the foreseeable future? do you think it will stabilize next year or could it go on longer? >> i think it might go on for a lot longer. one thing i want to point out is a lot of the discussion and narrative around the so-called rate resignation has been centered --great resignation has been centered around challenges and frankly fear that companies and in the general economy. i think this is a huge opportunity for employers to really evolve and think about the relationship with their employees. technology will have a huge role to play. there's the initial 9:00 to 5:00
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and the hq that stems from legacy at a time when we did not have the technology to power. we now know what workers can be like in a pandemic. workers can work anywhere, anytime with the collaboration software. this is a massive opportunity for employers and employees to move forward into the future together. emily: absolutely. we will watch to see how long it keeps up. sapphire partners' cathy gao, thank you. coming up, payments rising after announcing a five-year deal with spacex's satellite operations, star link. the inspiration for historic trip -- this is a huge untapped market in space. he will join us next to tell us why. you don't want to miss it. meantime, shares ending up 3%
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monday, the shared workspace company narrowing losses and reported an 18% the client in -- decline in revenue for the same period. it is their first financial result after emerging last month with a blank check firm going public. this is bloomberg. ♪
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emily: let's look at what's going on in space with russia firing an anti-satellite missile at one of its own satellites, throwing hundreds of thousands of pieces of debris and smaller chunks into orbit. these are now endangering the international space station. the u.s. military says it is tracking the event and nasa is gathering more information. space debris has been a growing problem with thousands of satellites populating orbits
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more quickly than they are. removed. meantime, shares of payments rising high, rising 26%, the most intraday in more than a year, after the payment processing company said it entered a five-year global partnership with star link. the ceo who also commended for -- commanded spacex's trip to space last yera. -- last year. great to have you with us. how about this new partnership with spacex, what does it mean? >> we are really excited about it. obviously i am a space enthusiast and i love everything they are doing now. a lot of people know them for putting cargo and human beings in space, but people don't know they are building tens of thousands of satellites to bring internet conductivity to some of the hardest to reach places on earth, potentially a second wave of court coding as people get
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- - of cord cutting as people get rid of cable modes and dsl and we connect faster through satellites. we are excited to power payments for that. we have a lot of other exciting things to talk about so it's not all spacex. emily: how many payments are happening in space right now? isn't the market nonexistent? how fast you actually expect it to scale up? >> the actual customers are people here on earth. really the world is the entire team. you're talking broadband internet in every country. some analysts think over $100 billion a year in subscription revenue which is exciting for us. that would be a substantial lift. we have about a quarter of a trillion and a year. there will be an economy in space. that's why people are investing so much capital into what the future of space can hold. we hope to play a part in it as much as we play a part in global
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commerce here on earth. emily: give us the update on your commerce and payment efforts here on earth, where is the company and how are you positioned into 2022? >> we are growing really fast. we met all expectations for q3 and grew payment volume 90% year over year, we reaffirmed guidance, and set midterm guidance for the next three years, outlook a 50% plus year-over-year growth. it means we are a share taker. one in three restaurants and hotels use shift4 payments all over the country. retailers, e-commerce, gaming, now we have interesting space-based technology that we are interested in. emily: there is so much focus
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on space tourism but a lot of retail needs to happen in space. saint jude hospital just announced a new era of scientific discovery and the inspiration for advanced research center. talk about why this continued research is still important. >> it is such a good question. some people think it is one or the other. you either invest in the future in space or invest in the problems on earth. i disagree. that's what inspiration4 was about, addressing real problems on earth like childhood cancer. they don't get to grow up and experience anything like what i've been fortunate to experience. you can raise substantial funds for that. we raised over $250 million for that and still may problems -- progress in space p have no idea what we could learn by satisfying our curiosity to explore the stars just like we crossed the oceans.
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but we could discover could alter humankind and destiny on earth for the better so we have to do both. that's why saint jude was a big part of the mission and we were honored they unveiled the research center. they will raise key survival rates of childhood cancer across the world from that center. emily: meantime, i have to ask about this russia anti-satellite weapons test creating 1500 pieces of debris, endangering astronauts on the iss. what is your take on this and what does it tell you about the hazards of space travel? >> honestly, i don't understand it at all. it is not hard to shoot down a satellite. orbital mechanics says it is very predictable. i do not think russia or china or even the u.s. has to shoot one down for people to know they can. i don't know what was accomplished here other than not just endangering human beings at the space station, but it
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destroyed satellites. it will take out weather observation, things that can predict storms that could save lives. i don't see the good out of it. if there's a lot of kinetic activity in space and satellites getting blown up, it will destroy lower earth orbit and the ability to go into the stars and that is unfortunate. emily: jared isaacman, always good to have you with us. thank you. meanwhile, the head of general electric aviation opened acquisitions that could make the jet engine maker have new capabilities. ge said the company would split into three with aviation being a stable and standalone company. the aviation ceo says technology is one area where they could expand the company portfolio. coming up, a mid pandemic picture of silicon valley. our tech startups overvalued? we will talk about that and more, next.
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this is bloomberg. ♪
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emily: welcome back. elon musk sold shares and suggested he might do it again over the weekend. we break down the numbers and what we can expect. we are not sure if he was being sarcastic in that tweet. kriti: the likelihood of him doing even more share sales rises. let me show you the map behind it. he exercised options rented to -- granted to him in 2012.
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4.5 million options to buy stocks at a lower price. getting out of it -- selling at 30 before million and selling them using the stair sales he has to make up for the taxes. gaining $5 billion out of it. it is a pretty clear reaction over the last seven days, it has lost 80% of its value. that is not just tesla, the retail bitters, the institutional investors who followed his lead, we are seeing a tweet over the weekend in response to bernie sanders saying he might just do the share sales again. if they want me to sell more stock, bernie, say the word. is it about the options in particular? we parsed the numbers about how much he has to sell.
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he exercised about 9.4% of his options. about a 10th of those shares accommodate for the taxes in the options. he still has about 9 million shares to sell if he sticks with the figures he said to the public. that is not accommodating the 10% that he would sell. we only have a couple more weeks until the end of the year. that is the time that elon musk is racing against. emily: it is complicated. the area of venture-capital has been red hot as investors find the next best thing. the question is, are we entering a bubble? lauren kolodny, thank you for joining us. what trends are you doubling down on and what is overhyped? lauren kolodny: we have been putting emphasis on the
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intersection of climate technology and financial technology. this is important today coming out of the pandemic. one portfolio that embeds this is pedal. -- kettle. they are allowing businesses to maintain insurance coverage on things like their homes, to protect against all fire. -- against wildfire. the insurance industry has underwritten climate risk by the past. that is not productive of the future. they are using machine learning to protect wildfires. they are using that they did not just to help ensure coverage,
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but to actually let fire departments and utility companies know which areas are most likely to be the most vulnerable. to actually do some prevention. emily: how are you thinking about valuation? it is expensive right now. it costs a lot to get in. lauren kolodny: we are feeling that in the early stage. today, it looked like music, even just a year ago, we are mindful of that. at the same time, when is pervasive. we are -- 4.5 billion have internet access. you start to understand how some of these valuations have shifted. it is interesting, if you look at the uniform report from 2013,
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there were 48 privately held firms at the time. i do think that the markets are supporting it and there may be a correction, but i do not think they are going back to what they were before the pandemic. emily: you called on venture-capital to disrupt itself. you pointed out how the majority of the partners at your firm are women or people of color were immigrants. your present three generations, -- you represent three rations. three generation. from gen x to millenials. how is this impacting your investment decisions? do you believe you are making decisions differently than other venture-capital firms? if so, how? lauren kolodny: we look at things from a different lens. all of the data supports the fact that diverse teams make better decisions.
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divers venture firms -- divers venture firms perform -- diverse venture firms perform better. startups are trying to address this. having as many people around the table is useful. companies like chime, at the time, it was considered revolutionary because they were serving people who lived paycheck to paycheck. most of financial technology companies were focused on high earners. there was not in the market if they could make the company work serving the demographic. because of the different perspectives around the table, we felt convicted in making that decision. we continue to enhance that. 90% of us are women or people of color. i think investors are drawn to that.
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we see an increasing number of entrepreneurs who looking to diversify their boards or investor base. emily: there has been a concern about women backsliding in the pandemic. we have been seeing capital funding going to women in mixed gender teams dropping. we spoke to shelley of beyond a billion who said she has seen some optimism in statistics showing that women are going into a more positive direction this year. take a listen. >> in our consortium, we see over 80% of them are women, people of color, or both. we know that women are the check writers, they over index towards female founders. female founders are backed. emily: are things starting to
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get better, really? or not? lauren kolodny: i think they are starting to change. you are seeing more emerging managers like a crew that look different -- acrew that look different. we have our diversified capital fund initiative which is intended to help diversify late stage companies. we add board members to our met -- to our network to get a diversity of perspectives. change is slow. showing that 50% of its females who have been added to boards came from the company themselves. it seems like a reaction to some of the recent regulations
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requiring more women on boards. as opposed to a proactive and deliberate decision to bring diverse perspectives in the governance of a company. i think it is starting to change. there is a long way to go. emily: you guys are involved in many stages of companies' lifecycles. over the next years, how will we see the balance between m&a and ipo's, spacs, and others? lauren kolodny: i believe that the market continues to support great outcomes for great companies. we have seen a lot of companies take that path with great success of late. i look at fintech where i spend most of my time in companies like new bank that are
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anticipated to go out the door in the coming months. companies like that will raise fundamentals that serve 48 million users and brought people through the financial sector. i anticipate that others like them will have great outcomes. in fintech, i believe that the ipo market is exciting. emily: thank you. coming up, transforming the trucking industry, led by the youngest ceo of a public company. more on the technology we hide the automation and how they stack up to the competition -- more on the technology and the automation. how they stack up to the competition. ♪
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emily: transforming trucking, that is what alex rodriguez said to accomplish with research and ideas. he is the youngest ceo of a public company at 26. embarq went public via a spac. it has self-driving trucks. cofounder and ceo alex, congratulations and thank you for joining us. talk to us about where the trucks are now. what can you do and what is the vision to mark alex: it is a super exciting time in the world of self-driving trucks. embark has a leak of truck -- a league of trucks making
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deliveries. you see trucks on the road, making deliveries. going from the edge of one city to the edge of another autonomously. the next step is to bring in the funding to allow us to take that from a small scale and put it into tens of thousands in trucks in america's biggest cities. emily: aurora has partnered with fedex, what kind of wood to stick partnerships do you have at this point? -- what logistics do you have? alex: embark has the leading partnerships on the logistics side. the largest company in the united states, or in dhl, and in our partners the reservations. emily: how do you make money?
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alex: that is one of the things that differentiates embark. we have a software and service business model. we license software and those are the people buying the truck and running operations. embark is charging between 30 and $.40 a mile for the software we develop. emily: where do we see this at scale? how many years will we be sure that that truck next to us is using self-driving, self trucking, acknowledging -- technology? alex: it is a big industry. i think in order for every truck on the road to be transformed, that will be a long time. to make a big dent and improving efficiency, it is coming soon. embark is looking to have over 2
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billion miles driven on the system. you can start to see that scale coming to a road near you quickly. emily: does it happen sooner than self-driving car's? -- cars. many expected self-driving car's to be faster than they have been. there are still so many concerns and redtape. does the trucking industry develop quickly -- much more quickly than the self-driving industry for consumers? alex: that is the key insight that embark had. trucking, by focusing on highway driving, can be a simpler problem. we started embark back in a time when everyone was talking about cars. we focused on trucks. we are the longest running program that has been running on public roads and that is a huge advantage.
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things are really complicated and highways are much more structured. it is better suited for robotics. emily: great to hear the vision. cofounder and ceo of embark. we will watch your self-driving trucks. amazon is stepping up its efforts to make workers in its california warehouses feel more safe. the company has reached a deal to keep workers more informed about safety protocols and covid outbreaks. the changes include notifying workers of any covid case on the property and a local health agencies within 48 hours. california is home to more amazon employees than any other state. coming up, we talk about the latest in the trial as a government is excited to wrap up its case this week. let us take a look at shares in ev makers.
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a company announced its strength and balance sheet. it is the start up's first reporting. it is on track to create 30,000 --20,000 vehicles next year. this is bloomberg. ♪
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>> after telling investors it will make as much as $1 billion less than expected in 2022, peloton followed up the bad news with a home strength training device for your tv. it comes out early next year to the u.s. and other countries for $499.
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the user can follow along by. live. the guide also includes a new heart rate armbands it can measure intensity while looking out. - while working out. that band will work with the company's bikes and digital phone apps. it can be controlled by voice and the company says it plans to add similar features to its bikes and treadmills in the future. will it be enough to propel the company as the pandemic continues to ease? only time will tell. emily: you can sign up for the newsletter at the trial of former ceo and founder of theranos, elizabeth holmes is continuing. she is accused of multiple
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counts of fraud. another week packed with witnesses, let us bring in a reporter who has been in the trial every step of the way. joel, it is dragging on. how convincing the case but so far been? >> the case is convincing and it is becoming only more so. we heard from more witnesses since you and i last spoke, we heard from investors. the focus has been on investors. she faces a difficult case. it is going be buttressed by the evidence and witnesses. emily: what is the defense, what kind of defense are we expecting her to put up? there has been so much speculation for what she can claim, will she take the stand
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herself? what do we know? >> we do not know much. we are about to find out. that is why we are at the most interesting part of the trial. this is the crossroads for elizabeth holmes. she has three options. one is to say i am -- the government has not met its burden to prove me guilty got a reasonable doubt. i do not have to prevent a case -- present a case. the second is that she can make a case the way that the government has built on other witnesses. to rebut, essentially, the government's case. very difficult. the third option is part of the second, elizabeth holmes testifying that is what everybody is hoping for. she has to. she is forced to, given the case she faces.
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emily: tell us about the evidence. some of the stuff that has emerged within the last few weeks that theranos lifted logos from pharmaceutical companies and put their logos in their report. that is pretty brazen. >> brazen is a perfect word for it. that is the word i think about. when you see in court, it is compelling to think of yourself as a juror. the company lifted the logos of pfizer, and put them on reports, claiming to endorse theranos technology when those companies have rejected it. it is the kind -- it is the kind of lies and plagiarism you see in elementary school. i do not mean to demean her or the situation.
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it is just brazen. to imagine that as a witness or as a juror, it is astounding. they have heard from employees, high-level, highest level employees beside her. explaining how the technology did not work and explaining to her how it did not work. she knew that. she knew it did not work and kept telling people, especially investors it was endorsed by pharmaceutical companies, that this technology was great. i will go on if you want. the evidence has been strong, intermittent, stretches of boring testimony. peppered into it are the stunning examples. emily: 30 seconds left. how long do we expect the defense to make its arguments? that case has been going on for months. >> it depends on what elizabeth holmes does.
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if she was on the defense that i mentioned and testifies the prosecution has wide latitude to ask her about all of this. the door is wide open to them. they will be aggressive. they will have to be careful. they cannot be overly aggressive. it depends on how it plays out. we are looking at mid december, no juror wants to be in this courtroom past christmas. emily: all right. we appreciate you going out to his san jose and being there every day. thank you. we will continue to watch a reporting. that does it for this edition of "brick technology." -- "bloomberg technology." a great show tomorrow. the ceo of roblox will join us. thank you for watching this
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edition of the show, this is bloomberg. ♪
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manus: this is "bloomberg daybreak: middle east." your top stories this morning. presidential joe biden -- presidents joe biden and xi jinping hold their first official summit. they call for cooperation. they've had full, deep commune occasion on bilateral issues. more calls for the fed to fight inflation faster. the minneapolis president says the bank should not overreact.


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