>> the heart of where innovation, money and power combine, -- collide, this is " bloomberg technology" with caroline hyde and ed ludlow. caroline: i am at the world headquarters in new york. ed: i am in san francisco. caroline golding up andy jassy says that the generative ai boom will be taking place on amazon services. ed: technological heavyweights to send on washington with jeff

bezos and tim cook attending. caroline: a global ai coalition on his visit to the middle east and the next stop may be we will see him over on capitol hill. we will discuss that and more. we will start on these markets up .25%. the nasdaq managing to pull itself up. this is once again really tackling inflationary pressures whether it is the ppi number or the cpi print showing inflation pressures dialing up. we see managing the nasdaq to outperform as markets pullback. i am looking at the two year yield where we are outperforming on the front end of the curve all the back end is pushing higher. the big move was yesterday and what is happening in the euro but what is happening in the federal reserve and global world banks and central banks and what the ecb said. staying put in terms of interest rates but signaling that inflation pressures are dialing

down and we could see cuts coming off by .3%. we have a look at what else is performing. crypto down .2% and we just saw that $70,000 level. ed: there are a lot of stories. apple is a name that we will look at and it is up .8% early unionizations efforts are the main headline. there is a note that hedge funds are looking at the stock and considering what happens next with artificial intelligence in the context of value add. hard to know what the driver is if any at all but we are higher at .8%. we always pay attention to apple because of its waiting on major indices. there is an annual shareholder letter plus ai theme and i am very excited about it. j.p. morgan is down .9% monday night, i know that i was not year. they put the shareholder letter

out and said ai. we will talk about the numbers behind that. amazon not .3% and andy jassy's annual letter. the focus on ai's interesting specific to aws. amazon will be a facilitator and a place where ai is built by others and not building themselves. that is a story we have told quite a lot in the recent weeks and months. caroline: we are long shareholder letters. ed put it so adequately -- eloquently, they want to be at the heart of infrastructure. yes, they will build a substantial number of applications ourselves they are looking to others to build. >> you are right. right now amazon lacks microsoft when it comes to ai because microsoft has access to openai. as they build the building blocks golding for -- going forward they can close the gap. we seek -- we think the

investment and time is right. it will not only help the aws business marketplace commerce business where it will drive sales higher. ed: what we are talking specifically is bedrock, i think. can go if you are a large enterprise player or a smaller start up and build your own large language model and take advantage of a third-party model. caroline and i have spoken to anthropic and they talked about all of the business they are waiting through aws bedrock. what i do not know is amazon's cloud business actually gaining new customers and growth or market share because of their strategy with bedrock? poonam: i think over time they will gain new customers. it is just a matter of getting them developed and getting the customers interested. we do think there is scope for amazon to continue to gain in

that vertical. caroline: what is interesting is that google's event earlier this week and they were saying that it is startups coming to them for cloud. how much ultimately do companies diversify not go all in with one plan? poonam: diversification will happen across the board depending on what you are using and where you want to be. amazon has done a great job in not just attracting the start but established business as. we think the scope is wide and they are in the early innings. we think that they lag but not for a long time. ed: let us talk about andy jassy who comes from aws, that was his world. the story since he has taken the helm of amazon has been about cost discipline. do not even call it discipline, cutting costs and lowering cap x. he seems committed to that stale. poonam: he does.

in fact they have been highlighting since last quarter about the 45% reduction that they have had per-unit in their cost basis and they think they can press the pedal harder on that. largely as they basically streamline the inbound fulfillment and parse out packages more efficiently to the regional distribution centers that allow for same-day delivery. ed: one of our analysts that leads the coverage of the stock and we are really grateful to have you and your reaction. amazon founder jeff bezos joined tech heavy rates that heavyweights at the white house state dinner. the attendees include his fiancee lauren sanchez, the apple ceo tim cook and executive lisa jackson. brad smith was attending as well and actor robert nero and venture capitalists. you also had jamie dimon, and

john gray of blackstone. and for me, the story is pretty clear, japan important for technology. and, the economy. caroline: and broadly for big get-togethers of important players no matter where they tend to be based. this is where some conversations are had and deals are done. having had many intimate conversations but more luck -- but more broadly i like the star trek reference with the commentary out of the leader of japan. he was going to go boldly where no one has been before in terms of deepening the relationship. this is more broad. there is a delightful menu. love that. this is about deepening ties not just from an economic perspective but a geopolitical perspective and what has happened with the philippines and what this means for china-u.s. relations. poonam: i go straight to china -- stephanie: i go straight to china.

when the ceos turn up, let us bring the menu back up. that is contemporary modern american japanese fusion. that looks great. there is also a political element. biden had a lot of big names in the white house in an election year. caroline: i think that is notable. ultimately, trying to ensure that the economy is what biden can hang his hat on. many are worried about the inflationary pressures and leading to what this means for bidenomics. but the tech heavyweights really clear. coming up jamie dimon was busy at that particular state dinner but we will return our attention to what he said earlier on the week on his annual shareholder letter and what his results are pointing to when we get them later this week as well. results mainly showing a focus on ai coming next. meanwhile let us dive into what is happening at paramount because an interesting move for

paramount directors, four are expected to depart during the sky dance media talks. so this is in the discussions to move with -- to merge with sky dance. a sony executive will be leading as well as some directors, the head of this exclusive negotiations that are going down to the wire the next week. we are currently at 1.4%. this is bloomberg. ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms.

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earnings season at the start of them. it happens tomorrow. earlier this week we heard from dame -- from jamie dimon where he focused on artificial intelligence. running is now to discuss how banks are utilizing and investing in the technology we have evidence ceo which benchmarks and tracks ai adoption across the financial services sector. jp morgan is the standout performer and do you think that is akin to the performance of the bank and the stock more broadly. >> its performance is -- is incredibly strong in terms of its ai maturity. it is head and shoulders above other banks. it was early to the game. jamie dimon made aia focus six years ago where he made clear that it would be an ai first organization. from that followed a lot of initiatives like establishing a

research lab and doubling down on hiring talent and reorganizing the executive team. that has really play -- paid off and you can see according to our measurements you can see that they really stand out against other banks and are strong on ai capabilities. ed: we have been looking at the data behind the hiring and you made an interesting point which is six years ago this started. let us show the chart. there is the ai hype of 2022 -2023. but if you track hiring. what is so interesting is the title is jp morgan slows ai hiring but look how elevated it was in 2022 started back in 2020. how do you -- what do you make of how ahead of occur -- ahead of the curve jp morgan is? alexandra: first of all it is important in terms of the hype in 2022 and 2023 of ai and what

we are heading into is more of a let's see what gets reproduction and it is harder than we think and the use cases from ideation to production. that just takes a little longer. some of that slow down and is a little bit of a what talent we actually need? but when you look at the chart you can see that really being on a hiring tear for the last six or seven years and the proportion of ai talent and the caliber of ai talent in the bank is second to none. a lot of the banks are looking at the onset of using generative ai and where are we using it in the bank and which platforms will be use whether it is -- which one of those and how does it fit into our particular needs and how do we refine it so it gives us the best output possible. there is a bit of a let's see

what we can use internally of the ai talent that can refined that -- refine that and accelerate again. and think about who we hire externally. it should be noted that we look across the banking sector and even the banks that cut employees and to keep the relatively steady talent. caroline: speaking of was the demonstration and the commitment to elevating almost two executive level around ai. they mention the importance of creating chief data and analytics officer that sits in the operating committee. that person is teresa who was -- who i was lucky enough to speak to at an event. it has been notable that she has been galvanizing the focus showing that all talent is of -- is online where ai can bring a change in productivity. where are they seeing a drive

down in costs or passing this on to the user, jp morgan? alexandra: when it comes to driving and the use of ai, and when you sort of look at the letters when you are talking about gaining efficiency and really making the bank strong and lean, and robust for withstanding any macro challenges on -- in the future. so looking at driving down the cost and bringing up efficiency and productivity and ai being used to also see where you can elevate revenue. it is where it is in every knocking cranny of the bank looking at the ways to create a return on investment. and then with the ai tools, that gets passed on to the customary. and better customer management, experiences, time, and --

ed: do you think jamie dimon has a good understanding of artificial intelligence? alexandra: he saw it early and knew that it would be impactful. he was one of the first ceo's, bank ceo's to go out and say we are going to be an ai first company. many banks would be like we are going to be great banks and using ai to become better. he was a visionary with that and has a good understanding. ed: he has more upbeat about that than bitcoin. alexandra, great to have you. the e.u. top tech regulator says that ai could be as disruptive as the atomic bomb. the executive vice president of the european commission joint bloomberg to talk about the current state of ai. >> it is top of mind for us to make sure that the market stays competitive and when everything gets fueled by artificial

intelligence. it will change the marketplace? >> you have a timeline on when we could see movement on a? margrethe: we do not have a fixed timeline what we want to produce results as fast as possible for the involved companies and their benefit. we will be getting there soon. annmarie: we are talking about microsoft and openai, but they are not the only players. amazon with an almost $3 billion investment into anthropic, which complete -- competes with openai. is that something you are looking at as well? margrethe: we will be having vigilant and keen attention to what is happening. we see a lot of entrenched market power when it comes to technology and it is really important that now that we in -- that when we have a new technology that is also a new world that we are looking into

that we make sure that it is a competitive new world. annmarie: you just recently went after three big u.s. tech companies and three is a crowd. i am curious to know which of these you are honing in on and a lot of people think to see it is apple that the e.u. has a lot of problems in. -- a lot of problems with. margrethe: the purpose of the act is to open the market to make sure that customers can get more choice. obviously, we are looking at getting out of self referencing so that if you have a google search you do not just get a google product. and we are looking at how businesses can get a real relationship with customers. so to get rid of the -- so people have choice. so they want to have apple payment environment or a more direct and cheaper relationship with their service provider.

annmarie: among those three do you have a priority target? margrethe: well, we have opened these five cases because we think they are important. we might have more cases in the pipeline so we have given retaining orders for what might be evidence once we are moving forward. these five cases are all priority and we think that they are absolutely key if our suspicions are confirmed. that we get compliance, because this is what opens the market and that is the basic idea of the digital markets act for many more businesses to have a fair chance to get to customers. ♪

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ed: ok, time for talking tech. kkr is reviewing options for a sale or ipo for bmc software which could be worth as much as

$50 million including debt which is according to sources that while no final decisions will be made,kkr has been favoring an ipo. plus soy tech is -- soitec is considering building a factory in the united states as it expands from arizona to texas. the consideration would mean that it would add to its global factory facilities alongside salmon for -- singapore, elgin, and france. saudi arabia and the uae are rushing to build out expensive data essential -- center infrastructure. both countries lag behind western europe terms of capacity with the hopes of closing that gap in a few years. in a recent report it is estimated that ai will contribution $96 billion to the uae and $135 billion to saudi

arabia's economy by 2030. caroline: meanwhile, let us talk about employees in an apple store who just petitions to unionize. this is the first one in a year long lull. mark is going to remind us of the context when it comes to apple because they are not the first door looking to unionize. mark: that is a great part. the efforts really kicked into high gear right in the middle of the covid pandemic. in 2022 you saw the retail store in maryland petition to unionize and they successfully unionized and they are recognized as a unionized apple retail store. the penn station store and a mall in oklahoma city, oklahoma is a unionized store. there have been a few other stores that attempted, one in st. louis, surrey and one in atlanta, georgia.

one of those unions chastised the union company and ended up citing with apple -- siding with apple and now you have the short hills mall store joining in. it is still early, they have petitioned and they have 100 for employees who would be a part of the union. there needs to be a vote and they need to get to the bargaining table with this is the process and it is a major development petitioning in publicly stating that they are going to unionize. this is the fifth store to attempt. ed: they are trying to unionize. this is a path rotted by amazon and we have been through a similar story arc of that company. the next question is what is apple's attitude towards unionization and the company's approach. mark: the company is against it. they have been holding roundtables at the store for months, pushing back on the idea of that team unionizing.

they do not want to change their perks and benefits, the pay strategy. apple is a company that wants things to be consistent and completely under their control. unionization upsets that balance that the company has enjoyed her as long as it has under tim cook and steve jobs. this is not something that apple wants. i think they are happy that out of the 270 retail stores in the u.s. only two have success in the -- successfully unionized and out of those they have not given them anything. ed: coming up, san -- sam altman pitches a global ai coalition on his visit to the middle east. we will break down the takeaways from his trip next. this started as like i am worried about chips in the supply of ai accelerators, but what we broke yesterday and that story is that this is something bigger and it is about energy and data centers and about who

takes part, private and public sector coming up next. this is bloomberg technology. ♪

>> welcome back to bloomberg technology. ed ludlow here in san francisco. caroline: we are thing nasdaq and tech stocks outperform on a day when bond yields are still selling off on the end of the curve. 10-year gilts four basis points higher. we are evading inflationary pressures with ppi today, cpr yesterday still showing inflation going the wrong direction for the federal reserve if they were banking on a cut come june. people are taking those bets off the table. we are treading water ahead of earnings season. the banks kick that off tomorrow. individual movers.

on the outside a lot of the key names you are used to. nvidia, apple, even amazon at a new record high today after it shareholder letter area getting an upgrade from analysts thinking now is the time to buy into an enterprise focused software company of more than 3%. tesla languishing. rivian shows fell to a record low with reports ford is cutting ev prices. elon musk is reportedly looking at india. maybe we will get updates on supply and demand from that country. adobe is one to watch. a report on how expensive it is sometimes to train large language models and text to video in particular. and, where you are getting some of those videos from. we dig into adobe under pressure by about a percentage point today. looking likes it is trying to take on sora the likes of openai product when it comes to ai video generation offering photographers and artists $120

to submit videos of people expressing everyday emotions. let's get more with our reporter brady ford who helped break the story. they are playing catch-up with text video. where they don't have to play as much catch-up is where they trained their data. but, maybe have to pay extra. brady: they have a giant repository of images used to train photos. they have like 300 million photos. not as big of a deal. when it comes to video they don't have as much of that in stock libraries. now we see they are starting to curate data to train on. it is funny videos. some of the sample videos are people smiling, people frowning, picking up weights, training the ai models on how people interact with the world. caroline: i like that it thinks we are all very fish. brody: or, they don't have any video of us doing it so they know we are not.

they are feeding the models so they know how the world works and they don't get smoked by openai. ed: $2.62 a minute or as high as $7.25 per minute based on your good reporting. if you are the cfo or coo of adobe and this is before you factor in computer cost, you won't be throat about the cost of training a model. the economics here are actually newsworthy. that is a surprise. brody: it is not as high as it may sound you it is 100 -- sound. it is $120 for 100 short videos. i was trying to do the math. if i wanted to create this it would take me five or six hours to make all the videos. doing push-ups, cooking, smiling, frowning. the actual amount they are paying into being pretty low -- ends up being pretty low. they could scrape the open internet for free, but there are issues there with tagging videos

correctly, getting the exact quality you need. these are things they might need to procure once, but can continue to train on. yes, it is a material amount of money under the grand scheme. it is not like they are shelling out a ton to every creator though. caroline: it all comes within the context of sora and where it got its data. brody: we had the viral clip of the openai cto saying, we do not know where it was trained. we all kind of know where it was trained. that has been adobe's whole marketing pitch. we will try to do things the right way, only using sources we have true access to. caroline: you won't get sued, basically. brody: yeah, they say if you get sued we will be there with you. we will see you in court. we will back you up. will that hold them back? will it cost more than it needs to? that is yet to be seen. but that is their public message at this time. ed: bloomberg's brody ford always on top of it when it

comes to adobe. openai's sam altman has been working to build a global coalition among government and industry leaders to support boosting the supply of chips, energy, and data center capacity needed to develop artificial intelligence technology according to our sources. bloomberg's shareen safari broke that story with me and joins me on set. it is an evolution of our existing reporting. it started with the idea sam altman was worried about the supply long-term of ai accelerators or jeep use that train models -- gpus that train models. it's bigger now. recap what you have learned. shirin: we know sam altman has been in the uae this week meeting with government officials and investors with a pitch to build a global coalition that goes beyond chips

but includes energy production, a huge growing resource for them that they are worried about securing. ed: what is interesting is the players. we understand sam met with uae officials, g 42 is a name for gets bandied around. do we know who it in the coalition so far? shirin: the pitch is it is worldwide. sam is traveling to washington dc today to meet with people on capitol hill, national security leaders. we know he is talking to u.s. leaders as well. and we also know he is talking to -- she has been in the past talked to the leaders of several western countries, democracies. the pitch goes beyond the middle east for sure. caroline: it has to resonate with lawmakers, with supply chain more. we are seeing a lot of money spent by the u.s. government about offshore chipmakers, manufacturers, fabs ultimately coming from tsmc.

there is reporting about whether samsung will be here as well, digging deeper. how much are you talking to corporate america and corporations more broadly? this does not happen overnight. shirin: right. i think this conversation will go beyond openai to other industries. you don't want the pitch to just focus on one company, but rather, building out the capabilities for industry as a whole. that is what i am understanding this discussion to be at these times. caroline: brilliant reporting from you and ed. we will see what the conversation ends up looking like on capitol hill. i am sure you are reporting on that too. pitch book out with its latest report in the health of the vc industry. we dated into it with pittsburgh analyst kyle stafford next on bloomberg technology. bloomberg technology. -ahhhhhh

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ed: you are looking at a live shot of the rentable room. coming up, mark zahr the copresident of blue owl. this is bloomberg. caroline: let's talk about private markets, fundraising therein. beginning in 2024, met with residual optimism. it did not translate to meaningful growth in vc activity according to the latest pitchbook monitor report that highlights competition for capital remains fierce two years into a slowdown. while stronger companies may still compel investment, the same is not true for those struggling. it feels like a tale of have and have-nots. if you are an ai darling you are able to reap. if you are not and you can't grow revenue or profitability,

count yourself out. kyle: at some point that is where the market should be. we are looking at high-risk investments, companies that should not be able to grow fast getting their product to the market and eventually exit down the line. 55,000 companies are currently vc backed in the u.s. markets. 120,000 or so globally. that is a huge number of companies still fighting similar trajectories, similar sectors, fighting for capital that is not there anymore. ed: i am hearing and seeing things that the data does not show. 24 hours ago we had a single lp fund on the show, granted, toyota, but they raised even more money from that lp to invest in physical stuff. i am hearing lots about funds being raised to invest in manufacturing, industrialization. why isn't that showing up in the data, kyle? kyle: first, start with toyota

ventures. these corporate lps. they have a much different return profile or ability to get different returns than a traditional vp or lp might look for. there is return on products or ability to integrate new products into their cars down the road. as a traditional lt they are looking for cash on cash return. we have not seen that by any means. the last quarter, the story was about credit, solid ipo's. in total in the u.s. there is 18.6 billion dollars and exit value generated. if you are an lp without those returns or distributions coming back here, there is less -- back to you, there is less incentive to put money back into the market now or not the ability. they're looking for the capital to come back to recycle it to new funds, to make sure. if that is not coming back there is no way for traditional lps to put money back into the venture

fund right now. caroline: you said traditional lps. it has been fascinating to see the domination of corporate vc in the area of ai certainly compared to venture capital arenas right now. who are the new guard of lps? are we seeing venture capital companies managing to lower in different -- lure in different types of investors to secure their next fund? kyle: pensions, obviously, read, increasing their commitment to vc last quarter. corporate solute. the japanese corporations. there are trillions of dollars on their balance sheet that they are able to put to work in venture, into new businesses. the large mega caps in the u.s. as well have large -- huge amounts of cash to put work and we have seen that in ai over the past few years. when it gets down to struggling

lps look at smaller ones. high net worth individuals may be still feeling very wealthy, but not nearly as wealthy as they were in 2021. look at foundations or endowments finding ways to put capital to work, but maybe are not as able to take that 10 years of liquidity -- illiquidity that the fed will bring to their cash. there is a broad range of investors. gps are being strategic with xavier becerra -- who they are going after and how they are positioning their strategy to those lps to make sure it works for them. ed: it has been relatively exciting recently in the ipo market. reddit is an example. is there a relationship between upstream and downstream? when lps and the firms they give money to see activity under the ipo market -- do they regain faith that putting something into a five-year or 10 year horizon is a good idea?

kyle: relative excitement is a really good way to position q1. those two ipo's were great. the 720 unicorns in the market now are private entity u.s.. 1400 globally. globally there is a 4.8 trillion dollar market cap value on the unicorns. a couple ipo's is great. until the distributions actually get going back to lps, it will be a slow fundraising market, a slow dealmaking market. our fund distribution data is showing distributions over the past four quarters has been as low as they were in the global financial crisis. again, there is definitely some positives that come out of a few companies going public. but there needs to be many more. the m&a market again too is where a lot of the returns will be generated and it is nonexistent. many of the deals we have from an m&a perspective this quarter had no data value test. they are immaterial to corporate growth. that's a very difficult spot

when you look at returns to the road. ed: let's tap into your relative excitement. what are you relatively excited about thematically subsector wise? kyle: hey i will be the major area going forward. we have seen a lot of unique companies and models being started. it is an interesting dynamic with the incumbents in microsoft and ai. microsoft, google, amazon being so heavy into it. i think it will be very quick to -- talking about the bifurcation, the haves and have-nots, there will be a lot of money made in ai and a lot of money lost relatively quickly over the last couple years because of those incumbents and how they play in the market. tech in general i think is still very strong. even though it is a slow market, not caroline said, strong companies are being funded. there is money out there for the companies. tech will continue pushing forward. like what we have seen. it will be a difficult market i think for every sector down the road. ed: kyle stanford lead u.s.

venture capital research analyst at pitchbook. coming up, a deep dive into instagram's new automatic filter for political content and the backlash around it. this is bloomberg.

caroline: more protection for teens on instagram is coming. the social platform ran by matter -- meta-is turning to ai to blur out nude images for your the update aims to protect users from unwanted photos as well as potential sextortion scammers as u.s. politicians continue to accused the platform of damage to youth mental health. ed: instagram recently changed its policies for political content. this caused a stir for some users. the move is coming during an election year. it prompted some pushback with some like republican senator marsha blackburn, even accusing the company of censorship. you are looking at the post she made on x. let's break it down with l box

and it just net how creator of the so informed instagram page. jess, you are a well followed user of instagram. the policy and its rationale are clear. what is your response to this? jess: i think it is quite alarming and transparent the timing in which this is being rolled out. small things like preparing people for the election, giving them educational tools, all the way to a genocide being documented on their platform. i think that this is taking away the authority for people to consume what they want to be consuming, which is important information. it is news. caroline: i am interested in the academic perspective here, elle. your phd is in sociology from

purdue focused on reproductive justice movements in particular. i am wondering when ultimately instagram is saying we don't want to clamp on those you actively want to watch, those you follow, but it is more people you don't follow suddenly getting into your reels and streams more broadly. how much do you think this limits people ultimately not wanting to be bombarded with things they don't want to be seeing? or, indeed, does this cut off and ability to see outside your own bubble? elle: great question. opting in to seeing political content is tricky. a lot of users weren't aware this feature was being rolled out at all. they were not of royer the rollout would impact what they were seeing were not seeing. it seems a bit odd, the selection criteria. so, social topics are being filtered out. how is that defined? social media offers essential infrastructure, informational infrastructure to users.

a lot of young people are getting their news from social media. this will impact what they are seeing are not seeing. they might not even be aware that there are things being filtered from their viewing. liza: before we dig -- caroline: before we dig into more about that blurriness and what is seen as political content, people that opt in to see your content because they want to be politically informed by you, are they seeing less of your content on the back of this? are you still getting the amount of video engagement and people that want to come build your profile, ultimately? jess: there is absolutely a dramatic decrease in the people i am reaching and the people who are engaging. those go hand in hand. prior to this being rolled out it was also that there was a censorship in place before the center want to make that clear.

instagram was censoring content well before this new rollout. but, this has caused a dramatic decrease. i have 3.1 million followers. 3.1 million people who opt in to see what i am posting. i have been reaching between 6%-8% of my own followers since this went into place. ed: elle caroline and i are instagram users. there is the policy side and then just the technology, the platform. i think many people would say instagram is not a place you go for news or politics. many would say it is for entertainment value, to show what you are interested in from a passion point of view. it is an experience i think many people have. what does your research tell you about the majority of use case for why people go to instagram and the type of content or they are trying to get? elle: absolutely. there are many people that would say they don't go to instagram to seafood content, that they

are sick of seeing food blogs and recipes. for any user that does not want to see political content there are users seeking out political content and news content on instagram. the perception that instagram is not a political platform is just that, a perception. there are plenty of users that use instagram for following journalists, following news outlets, following political organizations. political organizations are very active on the platform. so, this will harm those organizations in all directions across the political spectrum. i think it is a bit shortsighted to say that instagram is not a political platform and that is not what users want to see. we have plenty of evidence that activists are online and enter graham -- and instagram is being used for political organization and entertainment purposes. a lot of political content is entertaining for people. though, that might not be their primary source of entertainment.

caroline: and, the passion. thank you for your passion today, elle rochford and jess natale we wish we had longer with persevere. this is bloomberg technology.

♪ >> welcome to "bloomberg markets ." stocks now struggling to find direction ahead of u.s. bank earnings. traders are repressing fed cuts to later in the year. let's get a check on markets to see how stocks are reacting with the s&p 500 pushing into the green. it has been in the red, which would snap its decline. nasdaq 100 getting a lift, .7% higher. two-year yields, nearly three basis point move lower. it is hanging out at just under four hundred 95. much higher after the cpi print.

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