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tv   Bloomberg Technology  Bloomberg  November 23, 2021 11:00pm-12:00am EST

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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology." ♪ caroline: i'm caroline hyde, in for emily chang. this is "bloomberg technology." building cutting edge chip fabrication plant in the longhorn state. travel bookings at a record.
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get a look at what to expect ahead of next year. and taking a look at supply chain issues ahead of the holidays and if supply will be able to meet demand. will catch up with the shutterfly ceo on holiday predictions. we will get to all of that in a moment, but let's get a look at the markets. the tech sector. kriti gupta is in the house. ♪ kriti: it takes a cue from oil, i will walk you through it. today's big news was the release coming out from the biden administration, 50 million barrels put on the market for oil and a way to combat the inflationary pressures you're seeing. to take away for the market is that it is a short-term solution. the oil price still higher at the moment, looking ahead to the demand after the sdr impact. that's where you start to see yields creeping a little higher,
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the idea that inflation is still persistent despite the short-term effects of the biden administration. how it translates to the bond market is what is spooking tech. not your big tech names, not apple or microsoft, but those new tech companies that are still growth names. a lot of the ev space still falls in that category. i want to hit some of the tech subsectors. tech underperformed, it really translated into semiconductors, chinese adrs which is tech savvy. the sole outperform her was cryptocurrency, kind of doing their own thing after perhaps an inflation hedge. let's get to the macro story. >> some of the device makers, laptop pc makers, hp, and dell.
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we are seeing strong demand for both companies from commercial customers, basically companies buying new infrastructure for their work, particularly in the case of hp come up almost 7% in after hours. there was weakness in the consumer side of the business. sales down 3%. what they are saying, lines crossing, hp seeing supply shortages, and in the quarter they were able to get more components than they thought. the supply chain picture is not going away, not changing. that's interesting when we go to retail. look at nordstrom, the report hit after the bell, along with gap. that is a completely different story. look at those stocks with a downward move in after hours. nordstrom down 21%, gap down 15%. supply chain constraints, they've been hammered by this. gap going as far as to downgrade its full year sales growth by 10%.
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the problem is that these aren't going away. they are facing higher input costs. it is the key holiday season, do they pass the higher costs on to the consumer? these two in particular don't have that strong of an e-commerce presence either. caroline: keeping us abreast of all the natives, thank you, ed ludlow. the latest real estate moves, samsung is said to have decided to build a chip plant in taylor, texas. that is just outside of austin. it is a win for the biden administration which wants greater semiconductor capacity right here on u.s. soil. tom giles joins us for an update on the story. they've already invested a ton in austin, samsung. what do they want to make in taylor? tom: we are looking at another
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big sum, $17 billion. another couple thousand people who might be employed there over the coming years. it's all about chip capacity, caroline. it's all about making sure that the next time we have a big supply constraint, big chip crisis like we've had over the last year and a half, that we are better prepared for it. the way to do that is making sure that the major chip manufacturers like samsung, like intel, have the capacity they need, and what you need to do for the future, you need to start now. it is a big investment and a big time commitment as well. caroline: it will be a few years until he comes online. they want to gain market share compared to some competitors here in the u.s. tom: there is a huge, cutthroat competition going on among the major advanced chip manufacturers.
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samsung, and don't forget tsmc based in taiwan. each of these players is working for market share. they want to dominate the most advanced chips, they want to get out ahead of each other. remember, we talked a lot about how intel was once the leader and the most powerful chips in the world, but they have fallen behind in the last couple of years. what this does, it gives tsmc and samsung an opportunity to sprint ahead and gain an advantage. that's why you have the biden administration and the folks in texas willing to have a foreign company expand here, because it is all about making sure that we don't run into the same bottlenecks that we are seeing right now that are disrupting our holiday shopping season. caroline: talk to us about the competition between the states as well.
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tsmc is more in arizona. why did texas manage to lock it in with samsung? tom: greg abbott, the governor there, has done an effective job it selling texas as a business friendly, low tax, low regulation environment. we have seen lots of companies from tech land, oracle, tesla to name a couple, hp, all moving or expanding there. apple is already there, samsung is already there. texas has become an attractive place. the big question becomes, when you bring in these companies and give them all these tax breaks and you are cutting off your revenue stream for the next several years, do you have the capacity in terms of housing, schools? are you going to start to see some of the equality and some of the challenges that the bay area has seen replicate themselves in a place like austin?
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caroline: keeping us smart on all these decision-making processes at the moment, tom giles, we thank you. as we've seen tech gravitate out of silicon valley and toward the state of texas. the pandemic fueled rally for zoom seems to have run its course. shares lower to state with a -- shares of the company lower as they reported up smaller than expected number of accomplishments for a second straight quarter. that's raising concerns about growth at a time when normal workplaces are opening back up in a world where covid is tamed a little bit more. let's bring our analyst to look at, 20% market value erosion over the last five days for zoom. in some parts the numbers actually beat. >> i think there was a lack of major catalyst for growth in the
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next three years. we've seen how important the zoom merger that was terminated, it was expected to be a growth catalyst for the next few years. investors were waiting to hear more news about the company's strategy to re-accelerate growth or at least moderate growth in the next few years. caroline: do you anticipate they could do it organically, or do they have to buy something? >> it depends. if they want to do it organically, it will be longer. i think investors were trying to see where zoom was going to look for possible m&a and growth through acquisitions. caroline: talk about the headwinds as well of working more in the office. how are they trying to get some of us to remain dedicated to the zoom platform? >> i think they expect to see that hybrid work is here to stay
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forever. they're trying to adapt to the enterprise needs of the future. those legacy items and communication tools that we used in the past that we are not going to be doing anymore, how we shift from that to the communication of the future. can they answer these questions sufficiently for enterprises and convince them away from microsoft and others. caroline: it's like a perfect storm for zoom and others in the moment. we are also getting negative on growth stocks in general. how do you think soon as a set of executives has managed the narrative peloton, for example, , has failed and terms of everyone getting incredibly bullish on these stocks and then they just cannot live up to the overall euphoria that was built
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into the stock price. >> the merger that they announced in the last month i think was a positive, but that showcased how the company is already thinking to the future. but unfortunately that fell through. so to reboot the top line expansion, i think that's why you see the market reaction we are seeing today. caroline: great to have you and your expertise son zoom. make sure you tune in tomorrow because we have the perfect person to discuss all of this, the zoom cfo. you don't want to miss it. coming up, the future is digital, and it comes with new challenges. one company is looking to train a workforce to tackled that digital future. this is bloomberg. ♪
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caroline: the world as we know is becoming more and more digital, a trend accelerated by the pandemic, and it is impacting work beyond zoom calls. employer's are in need of people with digital skills to keep up with the changing business landscape. so how do we prepare the work force? the tableau ceo has been working
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on just that, 10 million data learners and just five years. how do you do it? >> by doubling down on a bunch of efforts we've already had, we enable learners around the world to get licenses in software and programs to help them learn data. it is working with partners who can help spread education across a variety of channels. as you mention, the world is becoming more and more digital and it is so important that working with data becomes a skill that everyone has. it used to be a job that a privileged few would work with. now it is a skill that you need in your job and there is a big , gap out there which is why we made this commitment in training 10 million people. caroline: digital skills are quite monolithic in some ways. what exactly are people wanting right now in the workforce? >> the ability to see and
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understand data, whatever it is, even your daily life. there is data that helps you to describe it. i like to say it is like a new telescope or a new microscope that literally helps you see the world in a new and more powerful way. employers are looking for people who have those skills because employers want to be data driven. in recent research, 83% of organizational leaders are looking for their organizations to be data driven. that only about a third of their employees are comfortable working with data. this is why data skills are among the basic digital skills, the ability to work with data is at the top of everyone's hiring list right now. caroline: what age group are you tackling and looking at? we need to reskill the current workforce, but are people being educated on it as they come through education and university schools at the moment? >> all of the above.
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you want to train your existing employee base, but it is becoming just an important life skill. it's not just about work. it is understanding the world around you. as the last two years have shown as we go through the pandemic, we are all dealing with numbers, numbers around infection rates and vaccination rates and all kinds of other numbers. getting this is a basic school skill. our academic program has been focused on teaching elementary school, high school kids, college kids, how to work with data, what those skills are, so that they can understand the world as well as the workplace. caroline: how do you meet the workers where they are at tableau? people not returning to the workforce, older people, women, people of color, there's not the participation rates there were.
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how are you going to meet them where they are? >> it's because data affects everything. it doesn't matter what your skills are or what you want to be in, data is important for that job and for that area. and through all these channels, even if you're looking for a second career. we announced in addition to the $10 million, $5 million grant through our tableau foundation that is specifically geared toward teaching women and girls around data skills. it takes a broad approach to get to 10 million people. caroline: when they have done your training, are they any more confident in manipulating data? >> for sure. really making data driven decisions. you are not intimidated by gathering and putting data together.
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it just becomes a tool in your toolkit. it is that combination of the human intellect and the ability to work with data that makes your cell phone so powerful. eta is a toll. caroline: and dare i say, it sounds alter westech in and of itself, but how does it help tableau longer-term? >> our vision is to help people see and understand data. it is just our core leaf that everyone should be working with data and we certainly provide our tools as part of that. but it can do you so much good and be so much more effective if your data driven. caroline: how is the desire to be using your product getting out there and involving companies? >> more pressing than ever. we are seeing the changes that happen to every business over
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the last two years. they have had to react and adapt their businesses to go forward. the key to doing that is data and being able to really understand, if you look at companies like jaguar land rover, really reinventing their company and using data by getting data in the hands of everyone, from manufacturing to the stores and all the way across the entire chain of what jaguar land rover does, is the key to adapting with the changing rate of business. caroline: important to have in the supply chain constrained world that we currently live in. great to have some time with you. thank you. in other news, the most valuable startup in the united states has no plans to go public. the founder of the payment company stripe says he is happy to stay private at the time. at a conference, he said they
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are early in the journey, the company raised $600 million in march to try to compete with square and paypal and others. coming up, billionaire philanthropy, we will take a look at jack dorsey and how his celebrity network is benefiting. that is next. as we headed to break, let's look at some other key tech earnings we got after the bell. autodesk feeling the pain, big declines as the sulfur company narrowed its full-year outlook. this is bloomberg. ♪
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caroline: tech titan jack dorsey started giving away billions of dollars to charity in an unconventional way.
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he wants to bring transparency to the process and avoid bureaucratic deadweight. the thing is, is money is going to hollywood charities connected to the most famous people on the planet. all i care about is jay-z, i'm fully upfront about that across my twitter. are these the sort of celebrities he is working in partnership with, not only in companies that bring money but also philanthropic endeavors? >> the title was acquired by square and jay-z was on the board. that comes after jack dorsey gave jay-z money to his foundation. so there's a lot of overlap here. we know that jack was spotted on a yacht, so there is a social element there. there is a lot of crossover in all of this.
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caroline: the transparency is kind of what hurts here. here's a man who, many of us give money to charity because we form a relationship with the charity from a personal perspective, because it helps a family member with something that we are focused upon, or we see another loved one really focused upon that particular endeavor. is it not sort of natural that he would perhaps give money away to philanthropic endeavors that he sort of knows? sophie: that totally makes sense, but we are talking about the scale. jack dorsey committed a billion dollars last year and that has ballooned to about $4.5 billion. he has about $3.5 billion left thank god to give but we are talking billions of dollars. the scrutiny and the ask for transparency goes to billionaires more because they have a lot more at stake. caroline: i wonder if there is transparency into his reason for going to certain of the charities? does he have an in my as to what is trying to give for?
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sophie: yes, he said he wants to give to girls education, and foremost, covid. he started this in april of 2020, about a month into lockdown in san francisco. so that's where a lot of the money has gone. one of the organizations that he gave to his tie to sean penn. i got $30 million last year. they use that money to open covid testing sites all over the country. so there is some overlap here, it is not just that he is giving to celebrity charities that have nothing to do with what he said he's going to give, but it is sort of the case with some of these places. caroline: thanks for bringing us transparency to that giftgiving. sophie alexander, great to have some time with you. meanwhile, coming up, travel is seeing a recovery as we want to go out and take vacations. the holidays are approaching, remember. we talked to the founder of a travel booking company. this is bloomberg. ♪
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caroline: this is "bloomberg technology." i'm caroline hyde in new york. let's get back to the markets. ed ludlow, very fitting to be talking about travel as you are currently across the pond from us. i guess you successfully got your visa stamped. ed: very successful. the u.s. officials on tuesday felt they had to comment, u.s. officials basically said we won't see the same lockdowns in the united states that we saw in europe. but look at the screen, booking holdings with expedia seeing some green on the screen.
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there is day traffic to suggest the numbers are strong. if you look at the s&p 500 relative to the specific age of airlines, it started when the world was reopening in travel was starting to come back up again. if seen some pressure on those airline stocks recently. if you look at that index, even though transborder travel has reopened, international travel, is something i want to remind you of. you will know this name very well, the ryanair holdings ceo. here's what he had to say on tuesday about the lockdowns in new york and his fears about what this means for travel. he said it is inevitable that we will undermine confidence between now and christmas because of the lockdown.
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he goes on to say it will impact people because it is christmas time you normally book your summer vacation. i thought that was really interesting psychology. this is a space to watch going forward if we see lockdowns in europe deepen and some easing in the united states, will we get the big resurgence and travel that we talked about? caroline: thank you so much, ed. we were talking about the pressure on airline stocks and airlines getting busier, particularly in the u.s.. at this time last year, the second covid wave took travel by the jugular. travel to set to make a huge comeback in 2022. that's get optimistic again with yet another british voice. we have the founder and ceo of peak.com. triple business during the pandemic. talk to us about how during the pandemic, we all wanted online experiences as well as in real life.
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>> one thing that is an interesting part of that is that we help people find one things to do locally as well as online. despite lockdown, when people started finding things to do close to home, maybe reading about for your family. we were able to see that there was still local demand, about 70% of the bookings happening locally. we also saw there was a big demand for software in the space. using online booking tools and stuff on site, one of the things we saw was, we provide software for these merchants and there was huge adoption there. part of the reason, we saw there was a 10 year leap forward on
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digitization of these affine businesses. caroline: $2 billion, 38 million customers served. during lockdown i've done cocktail making, i've cooked thai, i've done wine tasting, i'm gone into new york and done down at tasting. you name it and i've booked an experience. talk about the money you've been building, i think $80 million just raised. ruzwana: we just announced an investment coming from west cap and goldman sachs into our business. despite some of the challenges of the travel space, we've been growing very fast, we are profitable. we have a lot of folks that wanted to be in the position of best in the business. we chose these partners because
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of their expertise on travel. and obviously goldman bringing a ton of fintech experience for us. we've done nearly $2 billion of experience with them. it was important for us to bring these few partners together in this round. caroline: it's fascinating, the former cfo of airbnb, with the competition, airbnb must be it. what is it in your business that isn't in some way a rival to airbnb as a key competitive threat? ruzwana: we focus on the experience space. it's a little like shop a five for experience. we provide the merchant with all-inclusive technology.
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if you are a mom-and-pop shop doing parasailing all the way through to ice cream. we provide the underlying technology to help you do online bookings, to manage everybody who comes to see you on site, and to manage your employees to do everything you need to do on marketing. our primary proposition is being that infrastructural layer to help you digitize. you can think of it as being quite complementary in that sense. we are providing the underlying infrastructure layer and we have a marketplace for multiple places. one thing we have realizes this is a space where people aren't getting enough help to get bookings. major marketplaces like airbnb and some of the other big travel companies drive less than 5% of the bookings through our platform.
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what we really see is these businesses are still having to do the heavy lifting themselves, which is why having their own ability to do great marketing has become so big. caroline: that is a fascinating stat, the 5%. where are people coming to these experiences from? is it through google, or word-of-mouth, or is it through peek.com? ruzwana: one important part of it is giving customers a great customer experience. we have about 4 million reviews on our platform. the merchants that have the best reviews are the ones that have the most votes coming, because of word-of-mouth, because of people discovering them online. i think that what we see, the majority of merchants on the website. it's for local tour agencies and hotels. it's a little more fragmented in the space. you do need great technology skills to manage all those challenges. caroline: are you feeling growth
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mode upon you as we enter the holiday season? where do you need to invest most in your business? ruzwana: first and foremost, we are tripling our team. we want to make sure we are in a position to make the most of the travel come back. as you mentioned, people are saying they want to travel again. we saw drop off in the early part of covid, but things came back and a strong way, so we are focused on that. during covid we helped merchants get access to $30 million worth of loans. we did all of the stuff that was
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focused on the. a core part of what we do is being innovative, building products and technology that merchants need. we will continue to serve those. and in new areas, one of the areas is -- how many things you did to bond with your team. as we go into our more remote working environments, we still need ways for people to tilde personal connection, ways for people to have trust. you're not going to have great companies unless the people within them are happy and have great relationships. team experiences, off-site visits and things like that. we are seeing a lot of demand from companies that want to have that. you can see it expanding on doubling down on core
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experiences. also starting to focus on the corporate side as well. caroline: thank you so much, the peek.com founder and ceo. congratulations on the new funding round. meanwhile, blue origin has announced who will be on board to its next trip to space. michael strahan will be there. he will be joined by the eldest daughter of alan shepard. the flight will be the 19th for blue origin. coming up, bridging the funding gap. the need in investing women. our next guest is helping to do more of that. that is next. this is bloomberg. ♪
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caroline: it's one of most dramatic flexible working policies yet for a financial firm. it has moved to a four-day workweek. employees will see their time at work cut to 34 hours a week no change of salary. here in the united states, morgan stanley just announced its investment for next level funds which in women. the company focuses on turning commercial buildings into smart ones, making them more green and more autonomous. first and foremost, right to be -- great to be able to put your
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first paycheck to work. talk about cohesion, what attracted you to this business? >> we were attracted to cohesion because of the opportunity to accelerate its growth through a partnership with next level players in addition to morgan stanley. helping buildings become more sustainable by incorporating technology, to help them and taint and optimize their innerworkings was very interesting and exciting for us. caroline: talk to us about how you are currently sourcing the opportunities. i speak to many diverse folks who say we do not want the pipeline at the moment. we are overwhelmed with pipeline. where do you source some of the most interesting deals? >> again, that pipeline is very
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strong. they come from morgan stanley, our internal collies and networks. we also speak with later stage growth funds who are investing at the early stage where we are investing, which is series a plus. we have our multicultural innovation lab which we been able to meet a lot of excellent entrepreneurs who are diverse and women. that keeps our pipeline strong. over the past five years we've been very successful in keeping and maintaining relationships with founders of color and women, so that it wasn't hard to pull our pipeline together for the next level fund. caroline: you've cut them a check for the likes of cohesion. but you can strategically use them as morgan stanley, looking at real estate. is that going to be a narrative that you will be able to support them in different ways, or the customer as an investor and advisor? >> yes, we believe that cash is
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a commodity. the real opportunity is to help these businesses accelerate themselves through the ability for our investors to be more active, to find commercial opportunities internally and externally, to help propel the acceleration of these businesses. caroline: i like your phrase that cash is a commodity. in terms of, we are awash with cash, the amount of money trying to find a home. it is also driving up valuations, public and private market. does it filter down that far, that you are seeing them become more elevated? >> yes, we are seeing all the filtering of the money that has come into the space, including the addition of several funds that are at the seed stage, early series a stage by more established vc firms. such as greystone and sequoia,
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we are opening up others as well. so there is more competition into the state. valuations have continued to increase. getting a glimpse into some of these companies at the earliest stages allows you to stay in the game, if you will, moving forward. we are experiencing that as well. caroline: of course, it is one thing to be female or a diverse founded company. how are you supporting these is -- businesses to remain in their ethics in the way they hire and build to make sure they are diverse boards? how did they end up walking the walk throughout their lifecycle? alice: it's an excellent question, and one that our founders think about a lot outside of the companies. because they are diverse, they are keen to making sure their companies remain that way as they continue to grow. from a talent perspective, their hiring practices tend to be a little more blind to make sure they are getting the best talent, but keeping their team diverse.
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from a board perspective, they now have the ability to be a bit more selective about who is going to be on the board. we are lucky in this respect, fortunate, i will be on the board of that company, we are beginning to diversify that company's board. but the founding team, we have gotten to know nick patel, they have a very diverse team which reflects their diversity as well. caroline: i'm sure the very existence of next level funding in morgan stanley makes it attractive for talent, more diverse talent. alice: we have not only more diverse talent, but talented -- mainstream talent, less diverse but interested in having more of an impact, supporting vc's, closing funding gaps and being part of the overall esg strategy and pushing for impact. we are seeing that internally as well. caroline: so great to catch up
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with you. thank you. meanwhile, name a problem in the supply chain and chances are in long beach are suffering from. ships that made the voyage have spent that much time waiting in line in southern california waiting to unload their cargo. the time it takes a product to -- goods originating in shanghai to reach the port has more than doubled. check out the story on bloomberg.com. after the break, we will hear from the ceo of one of the companies is confident supply chain as shoes -- the shutterfly ceo, talking of spreading holiday cheer. this is bloomberg. ♪
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>> apple is pushing to introduce its first electric car as early as 2025, looking to take on tesla and others in the self-driving car space. like it did with the first iphone, ipad, and so many other new categories, apple is aiming to throw away the existing definitions of a car and really build something from scratch. the goal, a vehicle that is a fully self-driving machine that lacks a traditional steering wheel and pedals and includes an all new interior fully autonomous for the driving you -- experience. apple is accelerating development, but this comes after seven years of false starts, layoffs, and management departure from the company's special projects group. pulling up a lunch by 2025 will be tough for both technological and regulatory reasons. but there is a clear goal and
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motivation to pull off one of the toughest challenges in the technology industry, at some point, within this century. -- later this decade. will apple pull this off and revolutionize the car like it did the phone, the watch, headphones? only time will tell, what i'm excited to find out. i am mark gurman. caroline: don't forget, you can subscribe to mark on bloomberg.com. supply chain may leave companies worried with the holidays, but not shutterfly. the ceo says she's not too worried about meeting demand despite converting physical goods to digital. take a listen. >> i think there is actually a fallacy in the way people think about digital versus physical goods, and there is a use case for both. the more digital content you
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have, the more need there is to have a physical representation or keepsake that you keep in your home, so just to give you a frame of reference, this holiday season, in addition to cards, we will produce about 10.5 million books, 3 million calendars, 9 million gifting orders, of which about two million will be in ornaments that people personalize for their celebrations. so it is interesting just to see the demand for personalized goods. another big trend we are seeing, we recently purchased spoon flower, a marketplace for artist to design fabrics and wallpaper. wallpaper is up to triple digits and spoon flower had its biggest revenue month ever in home decor in november. >> i'm curious, given the supply chain shortage and paper shortage we've been talking
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about, what percent increase have you seen in your input cost, and what percent increase are you charging your consumers now? >> it has been interesting, because of the scale at which we operate, we were able to lock in our supply commitments on paper in particular. and most of our other supply chain items early. we have them in place, and we have been able to absorb the increase in pricing by offsetting it with efficiency. we are not seeing a dramatic increase on consumer pricing. caroline: talk to us about your people and the labor shortages, how is that as you beef up for the holiday season and taking on more labor? >> the labor issues are very real.
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there is more demand than there is supply of qualified personnel. so we are getting creative. definitely labor rates are going up and we are thinking about how to incent our labor and then how to be more efficient in terms of how we staff and how we manage through this huge peak of demand that we see at this time of year. caroline: shutterfly ceo hilary schneider. that does it for this edition of "bloomberg technology." make sure you tune in tomorrow when we will be joined by the zoom cfo, and john wu. so much to get our teeth into as you continue to see tech pressure, we will see if that is the ongoing narrative tomorrow. yields on the higher side. interest rates and that brings growth stocks into question and valuations. we will continue to dive into microlevel data, stick with us for a deep dive on zoom
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earnings, for example. i'm caroline hyde in new york. this is bloomberg. ♪
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