GOOGL Dec 2019 930.000 put

OPR - OPR Delayed price. Currency in USD
1.5200
0.0000 (0.00%)
At close: 1:23PM EDT
Stock chart is not supported by your current browser
Previous close1.5200
Open1.5200
Bid0.0000
Ask0.0000
Strike930.00
Expiry date2019-12-20
Day's range3.3500 - 3.3500
Contract rangeN/A
Volume1
Open interestN/A
  • Bloomberg

    Amazon Leases Midtown Space After Scrapping HQ2 Plans for NYC

    (Bloomberg) -- Less than a year after Amazon.com Inc. walked away from a planned headquarters in New York, the e-commerce giant has announced a significant expansion in midtown Manhattan.The company signed a lease for 335,000 square feet in the Hudson Yards neighborhood on the west side. The new office will accommodate more than 1,500 workers and is slated to open in 2021, according to an e-mailed statement.“As we shared earlier this year, we plan to continue to hire and grow organically across our 18 Tech Hubs, including New York City,” the Seattle-based company said.Amazon abandoned plans in February to build an additional headquarters in New York’s Long Island City neighborhood following fierce public criticism of tax breaks promised to the company, and concerns about the impact on housing costs and transportation. The move sent shock waves through New York’s real estate community, which worried that the city was becoming inhospitable to business.But recent months have shown that companies are still attracted to New York and its deep pool of talented workers. Facebook Inc. announced that it was leasing more than 1.5 million square feet at Hudson Yards last month. And Google is also in the midst of a major expansion in the city.Amazon said it is not receiving tax benefits or other incentives for its new office, which will be located in SL Green Realty Corp.’s building on 10th Avenue between 33rd and 34th Streets. The outpost will be roughly the same size as the company’s other corporate offices in New York, where it currently has more than 3,500 employees in its tech hub.Dow Jones reported the lease earlier on Friday.To contact the reporter on this story: Noah Buhayar in Seattle at nbuhayar@bloomberg.netTo contact the editors responsible for this story: Craig Giammona at cgiammona@bloomberg.net, Linus Chua, Stanley JamesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Peloton Backlash Comes With Silver Lining: Pre-Holiday Publicity
    Bloomberg

    Peloton Backlash Comes With Silver Lining: Pre-Holiday Publicity

    (Bloomberg) -- Peloton Interactive Inc. has been pilloried online and punished on the stock market following the release of a holiday ad for its stationary exercise bike that was deemed culturally insensitive. But the backlash could be a good thing for the company in the long run.The commercial, which features a woman documenting a year in her life with the Peloton bike her male partner gave her, struck some viewers as out of touch -- suggesting the already thin “Grace from Boston” was undergoing a strenuous workout in order to lose weight for the guy. The video, released about a month ago, went viral on social media, eliciting a scathing parody by comedian Eva Victor and prompting Peloton to close comments on the official YouTube video.As the internet buzz seemed to hit a peak earlier this week, Peloton’s stock fell 9%. But some experts say the increased attention could end up boosting sales. The shares were up 3.7% on Friday in New York.“They might benefit more because people are looking it up and learning more about it,” Laura Ries, president of advertising consultancy firm Ries & Ries, said. It’s still a short-term bump for a company that has historically been largely successful with marketing, with a total member base of 1.6 million people including more than 560,000 who have one of the proprietary bikes or treadmills plus a fitness subscription, according to Peloton’s most recent quarterly report. The official Peloton ad on the company’s YouTube channel has been seen by more than 3.6 million people.The controversy comes at a crucial time for the New York-based company, which is new to market scrutiny after listing shares in September, as it seeks to capitalize on the all-important holiday sales season and expand in new markets like the U.K. and Germany. The shares had gained 27% since its initial public offering before the wave of internet commentary dragged it down on Tuesday. The company is also facing increased competition in the booming at-home fitness market, especially among workout apps. Nike Inc., Aaptiv Inc. and apps like Kayla Itsines’s Sweat with Kayla have all gained followings for exercise programs available on a user’s phone.Peloton has been punished by Wall Street for its focus on growth over profitability. The company sells a stationary bike starting at about $2,000 and a treadmill that costs about $4,000, in addition to a basic “connected fitness” subscription plan at $39 a month for those pieces of hardware, and the separate digital apps that don’t require equipment. Its loss narrowed in the three months ended Sept. 30 to $49.8 million.The stock surged almost 10% last Friday after the company was reportedly seeing strong demand on Black Friday. And earlier this month, Peloton lowered the price of its digital subscription app to $12.99 a month from $19.49 in conjunction with the launch of new apps for Amazon’s Fire TV and the Apple Watch, a move that could entice new users. JMP Securities analysts raised their price target on the stock after the subscription reduction, saying it “broadens Peloton’s reach, improves conversion, and reduces purchase friction.” Ronald Josey, a JMP analyst, said there are “a lot of good things going on” at the company and that people will continue to buy the bike and other products despite the controversy.According to the most recent earnings report, Peloton expects its user base to grow to 680,000 or more by the end of its second quarter thanks to holiday sales and New Year’s resolutions.Scott Galloway, a professor of marketing a the NYU Stern School of Business, said the commercial itself is tone deaf and borderline offensive. But “in this attention-driven economy, anything that gets attention is arguably a positive,” he said in an interview. “It’s bringing Peloton into the social discourse on very regular basis, which is what ads are supposed to do.” If Peloton had to do it again, Galloway said, “I’d argue they probably would.”(Updates shares in third paragraph. A previous version of the story corrected a company error in the subscription price.)To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.netTo contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Molly Schuetz, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Amazon's Cloud Clientele Expands as BP Migrates Data to AWS
    Zacks

    Amazon's Cloud Clientele Expands as BP Migrates Data to AWS

    BP goes all-in on AWS, which highlights the efficiency and reliability of Amazon's (AMZN) cloud services offerings.

  • GOOGL, AMZN, MSFT & Others to Watch in Healthcare Industry
    Zacks

    GOOGL, AMZN, MSFT & Others to Watch in Healthcare Industry

    Tech giants like Alphabet, Amazon, IBM, Microsoft and Apple are foraying into the healthcare industry to capitalize on its prospects.

  • Cloud Security Race Intensifies, AMZN Takes on VMW, AKAM, WIT
    Zacks

    Cloud Security Race Intensifies, AMZN Takes on VMW, AKAM, WIT

    A slew of advanced data breaches is expected to increase the demand for cloud security offerings in the coming years. The prospects are prompting cloud service providers to up the ante in this space.

  • Autonomous Vehicles Aim New Highs With Driverless Tests
    Zacks

    Autonomous Vehicles Aim New Highs With Driverless Tests

    Alibaba (BABA)-backed AutoX applies for testing its self-driving vehicles, without in-car driver backup, thereby stirring competition in the autonomous-vehicle tech space.

  • Facebook Just Can’t Seem to Beat the Russians
    Bloomberg

    Facebook Just Can’t Seem to Beat the Russians

    (Bloomberg Opinion) -- Social-media companies insist they’re making progress in fighting the manipulation of their platforms. But two researchers, working on an extremely modest budget, have just shown that their defenses are routinely bypassed by an entire manipulation industry, largely based in Russia.In a report for NATO’s Strategic Communications Center of Excellence, Sebastian Bay and Rolf Fredheim described an experiment they ran between May and August. In the first two months, during and just after the European Parliament election campaign, they hired 11 Russian and five European “manipulation service providers,” who they found simply by searching the web. The companies then delivered 3,530 comments, 25,750 likes, 20,000 views and 5,100 followers on Facebook, Twitter, Instagram and YouTube — all fake.Given how serious the social-media platforms claim to be about purging inauthentic activity, the experiment’s success rate was stunning. Four weeks after they were posted, a vast majority of the fake engagements were still live; even reporting them to the platforms didn’t get most removed.The study reveals a major weakness in the way the social-media giants report their anti-fraud efforts. Facebook has a lot to say about how much content it removes, for instance, but that’s like the mayor of a town reporting that 50% of its roads are now pothole-free: You never know which 50%. The important metric is how much manipulative content gets through. Bay and Fredheim found that, once professionals get involved, most of their work sticks, to the extent that they often deliver more engagements than promised for the money. Defenses only work on the most basic level. The pros are always a step ahead.NATO, of course, is mostly interested in political manipulation, and the researchers found that some of the same accounts that helped carry out their study “had been used to buy engagement on 721 political pages and 52 government pages, including the official accounts of two presidents, the official page of a European political party, and a number of junior and local politicians in Europe and the United States.”An important question is whether such efforts actually work. One recent paper tried to determine what effect the Russian troll farm known as the Internet Research Agency has had on U.S. political attitudes. The IRA, whose employees and owner were indicted in special counsel Robert Mueller’s investigation into meddling in the 2016 election, used some of the same techniques as the NATO Stratcom researchers. But, the paper said, their fake accounts were effectively preaching to the converted. Even for users who directly interacted with the IRA accounts, the researchers found “no substantial effects” on their political opinions, engagement with politics or attitudes toward members of the opposing party.This doesn’t mean social-network manipulation is ineffective for political purposes; much more research would be needed to draw any sweeping conclusions. What’s clear now, though, is that the manipulation industry isn’t primarily geared toward political uses. Bay and Fredheim found that “more than 90% of purchased engagements on social media are used for commercial purposes.” Even though it’s Russian-based, this industry isn’t about evil Kremlin masterminds trying to turn technology against American democracy. Rather, it’s about talented Russian engineers, stuck in the wrong country for launching grand commercial ventures like Facebook or YouTube, trying to make money by milking the existing platforms.What that usually amounts to is helping online “influencers” cheat advertisers. The abysmally low removal rates for fake video views in the Stratcom experiment show the platforms aren’t fighting such abuses hard enough. They don’t have to: They’re still essentially black boxes from an advertising client’s point of view. As a result, perhaps billions of dollars (estimates vary wildly) are lost to such fraud each year.Platforms have spent enough time trying, and failing, to prove that self-regulation can work for them. Governments should act to protect not so much voters as advertisers from the manipulation industry, penalizing social-media companies for their inability to prevent fraud and demanding more transparency. Now, as Bay and Fredheim wrote, “data is becoming scarcer and our opportunities to research this field is constantly shrinking. This effectively transfers the ability to understand what is happening on the platforms to social media companies. Independent and well-resourced oversight is needed.”Policy makers need to realize that the platform-manipulation industry doesn’t thrive because it’s a Kremlin weapon. Political weaponization is only a side effect of a parasitic industry built on the flaws of the social-media business model. It’s the model that needs to be regulated.To contact the author of this story: Leonid Bershidsky at lbershidsky@bloomberg.netTo contact the editor responsible for this story: Timothy Lavin at tlavin1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Video-Conference App Zoom Is a Rare Winner in Hong Kong Protests
    Bloomberg

    Video-Conference App Zoom Is a Rare Winner in Hong Kong Protests

    (Bloomberg) -- As protests jolt Hong Kong business, organizations from Alibaba Group Holding Ltd. to universities are adapting by going digital, switching to video-conferencing app Zoom to conduct online investor briefings and virtual lectures.Zoom Video Communications Inc. joins a number of internet services that have taken off since the unrest began over the summer, from mobile messenger Telegram to work-at-home apps. In a financial hub that thrives on face-to-face deal-making and power lunches, Zoom helps fill a void created by transport disruptions and concerns about personal safety.Hong Kong’s business community leans on the app’s features, which include slide-sharing and support for up to 1,000 call participants, to carry on cross-border communications and with mainland China, where WhatsApp, Telegram and Google alternatives are banned. There’s a local version of Zoom that’s compatible, which is why the app’s downloads in Hong Kong soared 460% in November, after an escalation in protest violence first triggered a spike in September, according to researcher Sensor Tower.Read more: Zoom’s Eric Yuan, the CEO Who Made Videoconferencing Bearable“As schools continue to be in lock-down mode, we’ve had to move our lectures online to minimize disruption,” said Cheung Siu Wai, a professor at Hong Kong Baptist University, adding Skype has been another option.Now valued at $19 billion, Zoom’s shares have almost doubled since listing on the Nasdaq this year. It’s unclear how the spike in downloads may translate into revenue growth for Zoom, founded by Chinese emigrant Eric Yuan, who now resides in California.The company has various pricing tiers and recently added HSBC to a roster of paying clients that includes Uber Technologies Inc. and Zendesk Inc., underpinning 85% growth in revenue to $167 million in the October quarter. Representatives for the company, which is backed by investors including Salesforce.com Inc., Tiger Global and Qualcomm Inc., declined to comment on how the Hong Kong protests have affected its business.”With the periodic traffic disruptions, our colleagues have no choice but to use video-conferencing apps,” said Derek Chan, co-founder of Master Concept, a Hong Kong-based cloud service provider.To contact the reporters on this story: Carol Zhong in Hong Kong at yzhong71@bloomberg.net;Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • One of Wall Street’s Most Lucrative Businesses Is at Risk
    Bloomberg

    One of Wall Street’s Most Lucrative Businesses Is at Risk

    (Bloomberg Markets) -- They flew in from across the U.S.—venture capitalists and entrepreneurs—to discuss a new way to sell stock to the public and keep more money for themselves. The venue, appropriately, was a landmark hotel nicknamed “The Bonanza Inn.”Not invited: the bankers who’ve long dominated initial public offerings.For much of that September day at San Francisco’s Palace Hotel, investors behind many of Silicon Valley’s biggest unicorns took turns railing against Wall Street. Some fumed over the hefty fees bankers collect for ushering companies onto the stock market. Many criticized IPOs for being priced too low—shortchanging the company owners—so banks could deliver quick profits for big money managers.Such complaints have been around for decades, but now there might be a solution. In 2018 a technique called a direct listing proved that technology can glide a company onto a stock market as smoothly as an expensive fleet of Wall Street underwriters.Two of the dominant U.S. IPO underwriters, Goldman Sachs Group Inc. and Morgan Stanley, are helping to develop the direct listing system in a bet that they can keep a place for themselves in the process. But the San Francisco gathering made it clear that much of Silicon Valley wants to limit the involvement of banks.What a ‘Direct Listing’ Is, and Why Banks Are Nervous: QuickTakeInstead, the Valley crowd is giving a bigger role to Citadel Securities, a Chicago-based firm with little stake in the existing IPO underwriting market, for its market-making technology.Bringing privately held, capital-hungry companies to the exchange for a public offering of stock is one of Wall Street’s oldest and proudest functions. Bankers advise startups on how much they can raise and when to go to market. Once conditions are ripe, the companies embark on a roadshow to drum up investor interest and price the new stock. On the big day, a syndicate of banks—sometimes numbering in the dozens—buys up blocks of stock to parcel out to money manager clients. The typical 7% fee on the money raised in a U.S. IPO has withstood competition for the deals, though some of the most high-profile debuts get discounts. Last year, global IPO fees surpassed $7 billion, with the top three banks each bringing in more than $500 million, according to data compiled by Freeman & Co.Companies have tried alternatives. In 2004, Google Inc. (now Alphabet Inc.) famously opted for a so-called Dutch auction, in which investors submit bids and the final price is the highest at which the entire offering can be sold. Low demand forced the company to cut the offering in half and sell at the bottom of the price range it had sought. But the stock popped on the first day, and then the shares kept climbing. There’s been debate ever since over whether Google could have gotten more money with a traditional IPO.A direct listing moves a company’s stock onto the public market, allowing venture capitalists and employees to cash out, without raising new capital. It does away with the order-building phase, relying on software to match private shares and public demand on the fly. The risk is that supply and demand fall out of whack, leading to violent price swings or even a trading halt, potentially inflicting major damage. Bankers try to keep that from happening by gauging investor interest.In 2018, Stockholm-based music-streaming company Spotify Technology SA became the first high-profile startup to go public through the technique. Its stock swooned as much as 11% from the opening price of $165.90 and remains below that level today. The company paid about $35 million to Goldman Sachs, Morgan Stanley, and Allen & Co. By contrast, if Spotify had raised $2.4 billion in a traditional IPO—selling about 10% of the company—it would have paid $75 million even at a discounted 3% fee. For its part of the process, Citadel Securities was paid by the stock exchange.Slack Technologies Inc. followed in 2019. On an overcast morning in June, as a jazz band played in front of the New York Stock Exchange’s massive columns, startups across the country watched to see if the technology would succeed in matching a supply of closely held shares with a flood of investor bids in real time. Everything hummed.The opening stock price valued Slack at more than double its latest private funding round valuation. (It has since fallen, on a depressed outlook for company revenue.) Trading volume at the open was the third-highest for any debut in the U.S., the New York Stock Exchange said. Slack, which paid advisers $22 million, probably reduced its costs by about a third compared with a typical IPO, according to bankers involved in the deal, who said they immediately started talking to other companies interested in direct listings.When venture capitalist John O’Farrell lingered on the trading floor, it wasn’t to see the bankers. Instead, he waited next to a booth occupied by Citadel Securities, the market-maker majority owned by billionaire hedge fund investor Ken Griffin, to introduce himself to a pair of low-key executives steeped in the deal’s wiring. It was their computers that had handled the deluge—and $1 billion of their firm’s own money facilitated 1 out of every 5 trades. Citadel Securities wouldn’t say if it earned profits on those trades.O’Farrell was clearly impressed. His firm, Andreessen Horowitz, an early investor in Facebook Inc. and Twitter Inc., among others, wields immense clout in deciding how Silicon Valley stock offerings are carried out. If an era of direct listings is commencing, the starting point may be that afternoon he spent with Joseph Mecane, Citadel Securities’ head of execution services, and Peter Giacchi, head of floor trading, on the floor of the NYSE.“Everything we design in the first couple of days is about smooth performance,” Mecane would say later at a Citadel Securities office near the stock exchange. “We feel like we have our brand and reputation on the line with this business.”Mecane, the former head of electronic equities trading at Barclays Plc, jumped to Citadel Securities in 2017 and has been busy building a team to ensure smooth trading in the more than 1,400 listed entities for which the firm serves as designated market maker. Citadel Securities aims to expand that client set by helping more companies go public. In that sense, the listing business is just an entry point for potential future revenue. Citadel Securities says its goal is to work with banks on listings and not to compete with them.Mecane’s counterpart on the trading floor is Giacchi, who’s been making markets for more than 20 years, watching machines replace the functions of hundreds of people. Direct listings put the emphasis on traders and their role in price discovery, a development Giacchi welcomes.“It’s given the floor a renewed sense of value,” he says. Now, helped by technology, there is “the ability to process information quickly and reinvent yourself on the floor.”Just a few months after O’Farrell’s trip to the trading floor, his firm would help lead the charge in San Francisco to tell the other attendees about the promise of direct listings.In June, famed venture capitalist Bill Gurley at Benchmark Capital encouraged his more than 400,000 Twitter followers to call Citadel Securities and Morgan Stanley and pursue their own direct listings. “Other banks want to position direct listings as ‘exceptional’ or ‘rare,’ ” Gurley wrote.Five more companies may pursue direct listings in 2020, according to Morgan Stanley.Still, it may yet take years for IPOs to give way entirely to direct listings, says M.G. Siegler, a partner at Google Ventures, another major backer of startups. But “I’m not writing it off that it could be the majority of listings moving forward.”Basak covers Wall Street for Bloomberg News, television, and radio in New York.To contact the author of this story: Sonali Basak in New York at sbasak7@bloomberg.netTo contact the editor responsible for this story: Christine Harper at charper@bloomberg.net, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • SoftBank Opens Institute in Tokyo to Accelerate AI Research
    Bloomberg

    SoftBank Opens Institute in Tokyo to Accelerate AI Research

    (Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son unveiled a $184 million initiative Friday to accelerate artificial intelligence research in Japan, enlisting Alibaba’s Jack Ma to expound on his goal of commercializing the technology.Son’s company announced a partnership with the University of Tokyo that includes spending 20 billion yen ($184 million) over 10 years by mobile arm SoftBank Corp. to establish the Beyond AI Institute. He roped in the Alibaba Group Holding Ltd. co-founder for an on-campus chat, during which the two billionaires discussed their vision for the future of technology.The institute will support 150 researchers from various disciplines and focus on transitioning AI research from the academic to the commercial using joint ventures between universities and companies. Health-care, city and social infrastructure and manufacturing will be the primary areas of focus, SoftBank Corp. said in a statement. That dovetails with its own goals: in November, SoftBank and Korea’s Naver Corp. said they plan to merge Yahoo Japan and Line Corp. into an internet giant under SoftBank’s control, to combine resources on AI and challenge leaders from Google to Tencent Holdings Ltd.Read more: SoftBank to Create Japan Internet Giant to Battle Global RivalsSon has long advocated AI as the most revolutionary new field of technological development. The Beyond AI Institute marks an investment in accelerating that research on his home turf, where he has previously bemoaned the relative under-performance of Japan’s startup scene. At the same time, he’ll be eager to put behind him a tough 2019 thanks to the calamitous implosion at WeWork and the shrinking values of Uber Technologies Inc. and Slack Technologies Inc.Offering a reminder of his most fruitful investment, Son hosted a talk with Ma, whose online retail empire has been the crown jewel in SoftBank’s investment portfolio. The two exchanged compliments and advocated passion, optimism and world-changing visions as essential to successful entrepreneurship.“In the past 20 years, we’ve been friends, partners and like soulmates in changing people’s lives,” said Son. Ma, in turn, said: “He probably has the biggest guts in the world when doing investment.”In a rare expression of contrition, Son recently said “there was a problem with my own judgment” after the WeWork debacle. He has imposed greater financial discipline on startups since then. On Friday, he said his enthusiasm for grand projects was undimmed. “My passion and dream is more than 100 times bigger than what I am right now. I am still only at the first step to my 100 steps.”To contact the reporters on this story: Vlad Savov in Tokyo at vsavov5@bloomberg.net;Takahiko Hyuga in Tokyo at thyuga@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad Savov, Peter ElstromFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Labour group accuses Google of illegally firing workers to stifle unionism
    Reuters

    Labour group accuses Google of illegally firing workers to stifle unionism

    The Communications Workers of America union filed a federal labour charge against Alphabet Inc's Google on Thursday, accusing the company of unlawfully firing four employees to deter workers from engaging in union activities. The complaint, seen by Reuters, will trigger a National Labor Relations Board (NLRB) investigation into whether Google violated the four individuals' right to collectively raise concerns about working conditions. Google fired the four named employees "to discourage and chill employees from engaging in protected concerted and union activities," the filing states.

  • Labor group accuses Google of illegally firing workers to stifle unionism
    Reuters

    Labor group accuses Google of illegally firing workers to stifle unionism

    The Communications Workers of America union filed a federal labor charge against Alphabet Inc's Google on Thursday, accusing the company of unlawfully firing four employees to deter workers from engaging in union activities. The complaint, seen by Reuters, will trigger a National Labor Relations Board (NLRB) investigation into whether Google violated the four individuals' right to collectively raise concerns about working conditions. Google fired the four named employees "to discourage and chill employees from engaging in protected concerted and union activities," the filing states.

  • Bloomberg

    Waymo’s Autonomous Taxi Service Tops 100,000 Rides

    (Bloomberg) -- More than 100,000 trips have been taken in robotaxis operated by Waymo, the self-driving car unit of Alphabet Inc. Now the service is expanding to iPhone users.On the first anniversary of its pilot program in Chandler, Arizona, Waymo said it will begin offering an iOS app for its robot ride-hailing service for iPhones. It also revealed new details of the pioneering robotaxi service, which has been slow to offer fully autonomous service without human “safety drivers” behind the wheel to take over in an emergency.Waymo, which began a decade ago as Google’s self-driving car project, said its service has 1,500 monthly users and has tripled the number of weekly rides since January. Since late summer, Waymo has ramped up a “rider only” option without human safety drivers to a test group of a few hundred commuters. While those people weren’t always charged initially, they are now paying rates that are competitive with Uber and Lyft ride-hailing services, according to a Waymo spokeswoman.Most Waymo rides occur in the late afternoon and evening, with commuters using the service for everything from getting to work to having a “date night,” Dan Chu, the company’s chief product officer, wrote in a blog post.The service is expanding and will add more riders who will join a wait list by using the new iOS app. The service has been available on Android phones since the spring.Still, John Krafcik, Waymo’s chief executive officer, told reporters in October he is unsure when commercial robotaxis will take off. General Motors Co. has delayed the rollout of its service and Ford Motor Co.’s CEO has said the industry overestimated the arrival of self-driving cars.“It’s an extremely challenging thing to do,” Krafcik told reporters at a dinner in Detroit. “I do share your sense of uncertainty, even in my role. I don’t know precisely when everything is going to be ready, but I know I am supremely confident that it will be.”(Updates with comment from company spokeswoman in third paragraph.)To contact the reporter on this story: Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Peloton (PTON) Stock Tries to Rebound After Commercial Backlash
    Zacks

    Peloton (PTON) Stock Tries to Rebound After Commercial Backlash

    Peloton (PTON) was down over 9% at one point in Tuesday's trading after it faced scrutiny over its new holiday commercial.

  • Waymo robotaxi app arrives on the App Store
    TechCrunch

    Waymo robotaxi app arrives on the App Store

    Hailing one of Waymo's self-driving minivans is about to get a little easier. One year after launching its Waymo One self-driving car service in the Phoenix area, the company is launching an app on iOS, the latest signal that the company is inching toward large-scale commercial service. Now, Phoenix residents can download the Waymo app to their iPhone and sign up to ride in one of the company's self-driving vehicles directly from their device.

  • Bloomberg

    DeepMind Co-Founder Leaves to Join Owner Google in New Role

    (Bloomberg) -- The co-founder of DeepMind, the high-profile artificial intelligence lab, is set to move to the U.S. to take up a role at parent company Google.Mustafa Suleyman, who ran DeepMind’s “applied” division, was placed on leave in August after controversy over some of the projects he led. In a blog post Thursday, DeepMind said Suleyman is leaving for an unspecified role at Google.The post, written by fellow co-founder and Chief Executive Officer Demis Hassabis, added that the company wanted to ensure it was the “best place in the world for fundamental breakthroughs in AI, and that we conduct this work thoughtfully and responsibly.”Suleyman was a key public face for DeepMind, speaking to officials and at events about the promise of artificial intelligence and the ethical guardrails needed to limit malicious use of the technology.DeepMind was heavily criticized for its work in the U.K. health sector. DeepMind Health’s first product was a mobile app called Streams that was originally designed to help doctors identify patients at risk of developing acute kidney injury. In July 2017, the U.K.’s data privacy watchdog said DeepMind’s partner in the project, London’s Royal Free Hospital, illegally gave DeepMind access to 1.6 million patient records. Suleyman apologized in a statement at the time.In a tweet in August, Suleyman said he was looking forward to returning to DeepMind.Founded in 2010, DeepMind was bought by Google for 400 million pounds (currently $486 million) in 2014, an ambitious bet on the potential of AI that set off an expensive race in Silicon Valley for specialists in the field.“Over the past year, we’ve also been formalizing a leadership team with the seasoned experience and skills for our second decade,” Hassabis said in the post.To contact the reporter on this story: Giles Turner in London at gturner35@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MongoDB (MDB) to Report Q3 Earnings: What's in the Offing?
    Zacks

    MongoDB (MDB) to Report Q3 Earnings: What's in the Offing?

    MongoDB's (MDB) third-quarter fiscal 2020 results are expected to reflect the growing adoption of its cloud-based platform, Atlas.

  • India's Smart Speaker Space Perks Up With AMZN, GOOGL & More
    Zacks

    India's Smart Speaker Space Perks Up With AMZN, GOOGL & More

    Amazon (AMZN), Google and others are leaving no stone unturned to rapidly penetrate the smart speaker market in India, which is booming due to rising adoption of virtual assistants in the country.

  • Warren Is Drafting U.S. Legislation to Reverse ‘Mega Mergers’
    Bloomberg

    Warren Is Drafting U.S. Legislation to Reverse ‘Mega Mergers’

    (Bloomberg) -- U.S. Senator Elizabeth Warren is drafting a bill that would call on regulators to retroactively review about two decades of “mega mergers” and ban such deals going forward.Warren’s staff recently circulated a proposal for sweeping anti-monopoly legislation, which would deliver on a presidential campaign promise to check the power of Big Tech and other industries. Although the Trump administration is currently exploring their own antitrust probes, the proposal is likely to face resistance from lawmakers.According to a draft of the bill reviewed by Bloomberg, the proposal would expand antitrust law beyond the so-called consumer welfare standard, an approach that has driven antitrust policy since the 1970s. Under the current framework, the federal government evaluates mergers primarily based on potential harm to consumers through higher prices or decreased quality. The new bill would direct the government to also consider the impact on entrepreneurs, innovation, privacy and workers.Warren’s bill, tentatively titled the Anti-Monopoly and Competition Restoration Act, would also ban non-compete and no-poaching agreements for workers and protect the rights of gig economy workers, such as drivers for Uber Technologies Inc., to organize.A draft of Warren’s bill was included in an email Monday from Spencer Waller, the director of the Institute for Consumer Antitrust Studies at Loyola University Chicago. Waller urged fellow academics to sign a petition supporting it. He said Warren was working on the bill with Representative David Cicilline, the most prominent voice on antitrust issues in the House. Waller declined to comment on the email.Representatives for Cicilline and Warren declined to comment. The existence of the bill and Warren’s support of it were reported earlier this week by the technology publication the Information.In Washington, there is some support across the political spectrum for increased antitrust scrutiny of large technology companies. Warren positioned herself as a leader on the issue this year while campaigning on a plan to break up Big Tech. She has repeatedly called for unwinding Facebook Inc.’s acquisitions of WhatsApp and Instagram, along with Google’s purchase of YouTube and advertising platform DoubleClick.Read more: Warren Accuses Michael Bloomberg of ‘Buying the Election’It’s not clear when a bill would be introduced or whether it would move forward in its current form. Cicilline has said he would not introduce antitrust legislation until he concludes an antitrust investigation for the House Judiciary Committee in early 2020.Amy Klobuchar, a Senator from Minnesota who’s also vying for the Democratic nomination, has pushed legislation covering similar ground. Klobuchar plans to introduce additional antitrust legislation soon, according to a person familiar with the matter who wasn’t authorized to discuss the plans and asked not to be identified.Any proposal would face significant hurdles to becoming law, and Warren’s version could be particularly problematic because it promotes the idea that antitrust enforcement is equivalent to being against big business, said Barak Orbach, a law professor at the University of Arizona who received a draft of the bill. “The way I read it is that Elizabeth Warren is trying to make a political statement in the course of her campaign,” Orbach said. “It’s likely to have negative effects on antitrust enforcement, so I just don’t see the upside other than for the campaign.”The bill proposes a ban on mergers where one company has annual revenue of more $40 billion, or where both companies have sales exceeding $15 billion, except under certain exceptions, such as when a company is in immediate danger of insolvency. That would seemingly put a freeze on many acquisitions for Apple Inc., Alphabet Inc., Facebook, Microsoft Corp. and dozens of other companies. The bill would also place new limitations on smaller mergers.Chris Sagers, a law professor at Cleveland State University, said the proposal would serve as an effective check on corporate power. “I don’t think you’ll have new antitrust policy until Congress says the courts have incorrectly interpreted the statutes,” he said. “Someone has to do what Elizabeth Warren is doing.”(Michael Bloomberg is also seeking the Democratic presidential nomination. Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)To contact the reporters on this story: Eric Newcomer in San Francisco at enewcomer@bloomberg.net;Joshua Brustein in New York at jbrustein@bloomberg.netTo contact the editor responsible for this story: Mark Milian at mmilian@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Slack CEO: Microsoft views 'us as an existential threat'
    Yahoo Finance

    Slack CEO: Microsoft views 'us as an existential threat'

    Yahoo Finance speaks with Slack co-founder and CEO Stewart Butterfield following its latest quarterly earnings.

  • Google Facing New Front With U.K. Probe Into $2.6 Billion Deal
    Bloomberg

    Google Facing New Front With U.K. Probe Into $2.6 Billion Deal

    (Bloomberg) -- Google is facing a U.K. investigation into its $2.6 billion takeover of data company Looker Data Sciences Inc., opening up another front in the Alphabet Inc. unit’s ongoing battle with lawmakers.The Competition and Markets Authority on Thursday said that it issued an initial enforcement order, which prevents companies from integrating their services while the regulator carries out a early-stage review of the acquisition. The CMA has asked for comments on the deal by Dec. 20 before it decides whether to begin a formal probe.Google announced in June that it planned to buy U.S.-based Looker for its cloud unit, which lags far behind Amazon.com Inc. and Microsoft Corp. with just 4% of the cloud-computing infrastructure market as of 2018, according to the most-recent figures from analyst Gartner Inc. U.S. regulators cleared the deal in November.The U.K. review -- likely to focus on how Google plans to wield its power over data -- comes as Margrethe Vestager, the European Union’s Competition Commissioner, leads the charge into looking into how companies collect and use information. In August, she called tech giants “robot vacuum cleaners” sucking up valuable data in a way that can undermine competition.Vestager is currently investigating “the data business model” used by Google and others to collect information on how people use the web. She said the EU has posed “many questions to Google and others to get their views” and help the EU understand how the industry works, with a focus on contractual terms.Google agreed to buy smartwatch maker Fitbit Inc. for $2.1 billion. The tie-up, announced in October, has come under scrutiny from U.S. lawmakers.Though Google isn’t a leader in smartwatches or fitness trackers, regulators in the U.S. and elsewhere will likely have questions about what Google intends to do with the data Fitbit users have shared over the years, including intimate health and location information.\--With assistance from Jonathan Browning.To contact the reporter on this story: Giles Turner in London at gturner35@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Peter Chapman, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Amazon Faces Widening U.S. Antitrust Scrutiny in Cloud Business
    Bloomberg

    Amazon Faces Widening U.S. Antitrust Scrutiny in Cloud Business

    (Bloomberg) -- U.S. antitrust enforcers have broadened their scrutiny of Amazon.com Inc. beyond its retail operations to include its massive cloud-computing business, according to people familiar with the matter.Investigators at the U.S. Federal Trade Commission have been asking software companies recently about practices around Amazon’s cloud unit, known as Amazon Web Services, said the people, who declined to be named because they weren’t authorized to speak publicly.The outreach by the FTC signals that the agency, which is already looking at Amazon’s conduct in its vast online retail business, is taking a broader look at the company to determine whether it could be violating antitrust laws and harming competition.The FTC and Amazon declined to comment. The agency’s scrutiny won’t necessarily result in an enforcement action against the company.AWS dominates the market for foundational cloud-computing technology that provides the storage and computing power needed to run applications. It is several times bigger than its next largest rival, Microsoft Corp.’s Azure, according to analyst estimates. Gartner Inc. puts AWS’s share at 48% and Microsoft’s at 16%.AWS accounted for 60% of Amazon’s operating income in the most recently reported 12 months. The unit’s profitability in recent years has helped keep investors happy even as the company continues to spend heavily to expand both its retail and cloud-computing businesses.Amazon also sells an array of products that run on top of those basic services, such as databases, machine-learning tools and data-warehousing products. It competes with hundreds of other software companies large and small that offer similar products.One issue the FTC could look at is whether Amazon has an incentive to discriminate against those software companies, which sell their products to clients of AWS, while at the same time competing with Amazon. The fear is that Amazon could punish the companies that work with other cloud providers and favor those that it works with exclusively.The dynamic echos that in Amazon’s retail marketplace, where third-party sellers depend on the platform to reach customers because of its size, but in many cases they also compete with Amazon’s own products. That’s a conflict that threatens competition, according to critics.The FTC’s Amazon inquiry is part of antitrust investigations sweeping across the technology industry. Federal and state authorities are investigating Alphabet Inc.’s Google and Facebook Inc. while the House Judiciary Committee is examining conduct of those companies as well as Amazon and Apple Inc.\--With assistance from Matt Day.To contact the reporters on this story: Dina Bass in Seattle at dbass2@bloomberg.net;David McLaughlin in Washington at dmclaughlin9@bloomberg.net;Naomi Nix in Washington at nnix1@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, ;Jillian Ward at jward56@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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