tv Bloomberg Technology Bloomberg August 9, 2021 11:00pm-12:00am EDT
>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. the senate moving closer to passing the $550 billion infrastructure plan. but crypto regulations still a
holdup. we will get reaction from the circle ceo, the cocreator of a stable coin worth more than $27 in just a few moments. billion dollarsplus, parties, dating drinking at work. , activision blizzard facing a slew of accusations from current and former employees calling out a toxic office culture and "frat boy environment." we will dive into the claims with a exclusive bloomberg report. and, scientists at the u.s. issue a code red on climate change, stating we will see warming temperatures until at least 2050 and that time is running out. we will take a look at the latest report. and, mounting pressure on world leaders to do more. first, let's get a look at the market with kriti gupta. it was a mixed day, right? kriti: a little bit of tech outperformance, or what looked like tech outperformance. let's dive right in. the s&p 500 index ending the day flat. was negative by a larger margin. we did see some buy in the dip.
you would think it would be big tech but it was not. the new york faang index up, just not enough to make that kind of difference. if this was a big tech day, semiconductors would be on board. let me show you what was really driving the market today. it was all about commodities. the china growth story, the delta variant, the lambda variant weighing on what the growth might look like. concerning downgrades coming out of growth reflecting into some of the demand. here in the states, you saw that in commodities. you can see the correlation. i want to end with some of the sectors that were doing fairly well today. we also saw biotech doing really well. chinese adrs doing really well. the golden dragon index stocks doing very well. of 3%.
that is the macro picture. let's get to the micro with ed ludlow. ed: amc beating on the top line in the second quarter. $444 million, the revenue. a narrower than expected loss. had been up as much as 10%. this is not a stock where investors pay attention to the fundamentals. this is a reddit forum meme stock. trending on twitter all day long. one to watch into tuesday. peloton, the biggest gain in three weeks. no hard news. but we do know that u.s. covid cases are at their highest level since february on a weekly basis. look at this chart. there is some symmetry in peloton share price with different moves in the u.s. weekly covid rate. what we are seeing is that when peloton share prices peaked in january, it started to fall as those cases came down. as the cases have been rising,
what we see is the peloton share price has been rising. looking at moderna incredible gains of around 70% , on monday, its biggest gain since november of last year when those approvals were going through for the vaccine. according to sources, the u.s. is going to be taking some doses from moderna to give to mexico. that seems to be supporting the stock on emily: thanks so much. monday. i want to get back to the latest on the infrastructure bill and cryptocurrency's role in it. i want to bring in annmarie hordern in washington. what is the latest? >> we are seeing a little bit of a hurdle when it comes to the no -- to the cryptocurrency bill. it really was a domino effect. senator shelby wanting to bring an amendment to the floor which has to do with more defense spending. then you have senator bernie sanders wanting to not allow
that amendment. remember, when it comes to amendments, you do need 100 senators to be on board. senator shelby saying, if my defense spending can't get to the floor, i am not going to go ahead with this new crypto amendment that earlier today really was a bipartisan effort. that is right now where we have a little bit of a hurdle in the senate. other than that, a lot of the other objectives of the plan do seem like they are getting bipartisan support. earlier, a senate aide said we could get a debate around 11:00 a.m. tomorrow. this new debate regarding defense spending and crypto currency amendment could take us a little longer. emily: this leaves language in the bill broad oversight of the cryptocurrency industry, many in the industry not supportive of that. talk about the language as it stands right now. annmarie: if this amendment does not get to the floor, does not
get a vote on, then if they vote without that amendment, as the text stands right now is where they would be voting on it. this is a broad purview of having data collection to the irs for many in the cryptocurrency world. as you say, many in the industry are against it including jack dorsey who has been prolific on twitter tweeting about this because they say it should be for those who trade in the space but not those doing software design, or miners. so this is where the language differs. it does seem to be it is still taking a little bit of the debate on the senate floor. here on the senate floor. -- here on the senate floor. emily: we will continue to follow how this plays out. for more on the infrastructure bill, what it means for cryptocurrency and the industry
itself, i went to bring in jeremy allaire, the ceo of circle. what is your take on the language in the bill as it stands now? the fact this compromise did not happen. >> there are a few i think really important comments here. i think the first is it has been remarkable over the past week to see the amount of engagement between the crypto industry, senators on both sides of the aisle, an enormous amount of work going in and really helping to get members of congress to better understand the many, many different types of roles that exist in this broader crypto and blockchain ecosystem. infrastructure creators, software developers, miners and then of course there are the intended targets of this provision, as clearly stated online last night from senator portman, which is the trading venues where people are trading and there are taxes that are due when you trade just like in a brokerage. the intended focus has been on
brokerage-like activity, the original language, overly broad. the bipartisan agreement that many senators have brought to the floor i think is an outstanding resolution, or at least huge progress on what was there. we will see what emerges. clearly, there does seem to be overall bipartisan support for getting this right, ensuring that the right actors in the ecosystem are collecting the right information in terms of patches. the final comment i want to make, i think what is most notable here is that in the united states of america, this is an infrastructure bill that is aimed at bolstering the fundamental infrastructure that will make this country more competitive. nowhere in the infrastructure bill is an actual focus on increasing blockchain technology. if you look at the strategic priorities of china over the next five years, blockchain technology is a key focus. the united states is falling behind. not only is there an issue on
tax this year, the bigger issue is it is now the radar of anyone and there is a lot of work to do to make sure washington better understands the importance of this economic infrastructure. emily: you announced today that you filed with the sec to become a u.s. federally chartered national commercial bank. yet the senate banking committee sharad brown who is highly suspicious of thin tech firms has made it clear that he is not necessarily going to support measures like this. why do you want to be a bank and what do you have to say to the skeptics? >> just to clarify, we have not actually filed an application to be a bank. we announced today our intention to do so under a charter as a national commercial bank. importantly, we are focused on building a full reserve digital currency focused bank in the united states. i think the key things here, the
first is that we have seen this dramatic growth in dollar digital currency models, a.k.a. stable coins. usdc has grown dramatically in the last year and a we half. believe that over time, there will be hundreds of billions of dollars of these types of digital currencies in circulation. that is a really important set of infrastructure for the payment system, important infrastructure for how financial markets can work. as it grows to that scale, we believe the right form of supervision is at the federal level and is under the supervision of the federal reserve. we want to pave that way. in fact, as you look at the work going on in d.c., the president working group on stable coins the intention is there. , clearly, the rise of these types of digital currencies is posing risks. it is also posing huge opportunities. as a company that has been very
focused on being compliant, we want to be in front of it at a national level. we believe it is going to be a creek infrastructure for the future of financial markets, payments and commerce more broadly. emily: all right. we will continue to follow you on that path. tomorrow, we will be speaking with the ceo of crack in. why he is calling out crypto executives, saying many of them have been silent or neutral on this disastrous structure bill. you do not want to miss that conversation coming up tomorrow. all right, up next, moving the money. amazon gets an ad revenue windfall thanks to apple. we will find out how, next. plus, more tech earnings this week. tuesday, reports from coinbase and posh market. ebay and the bumble on wednesday. thursday, airbnb, sofi.
emily ad dollars that used to : flow to facebook are now shifting to amazon. that is thanks to a shift in policy that makes advertising on facebook less effective. here to talk about what it means, tom giles, our executive editor for technology. why is this happening? it has to do with apple tracking, right? tom: this is all about this battle between facebook and apple, how it is affecting other tech companies as well. apple wants to send a message to customers, we care about your privacy. one of the ways of doing that is
in a recent software update, they said do you want , yourself to be tracked? what people are saying on the facebook app is, no thank you. we don't want to be tracked. what that is doing is if you are a user of the iphone, it is harder for facebook to track the effectiveness of your ad. that makes advertisers go, we are going to look for alternatives. emily: and amazon does not have that issue? tom: correct. amazon has really been pushing into advertising. it is starting at a low base but it is growing at a really rapid rate. the most recent quarter, we saw ad revenue for amazon, the division where advertising is collected rising 87.5%. growth in facebook's ad business was around 56%. amazon is clearly rising at a much faster pace. it is also grabbing share at a time when you are starting to see google lose share and
facebook lose share. emily: we have been talking about this potential shift for a year. as amazon was getting more ad dollars but facebook and google are still the leaders. at some point do you see amazon catching up? tom: right now, google is about 28%, facebook is a few percentage points away. amazon is far down at 10, 11%. they have a long way to go. they will certainly continue to push in that direction. the question is, how much do you want your amazon experience to be affected by the prevalence of advertising? one of the things amazon likes to do is make it a seamless effort for you to get in and buy stuff on their site. the more you are bombarded with ads, the more that might affect your experience of shopping there. any time amazon starts to see advertising affect demand for the main business, which is e-commerce, i think that would
make them rethink that a little bit. emily: and the other players benefiting from privacy changes here? >> there is more money going into influencers. that is an area we are taking a look at. but certainly, amazon is a big enough for sherry. it is starting from a low base. the growth rates are going to be exaggerated. emily: but also a lot of potential. tom: absolutely. emily: tom giles, thank you so much for bringing that down. investors spooked after videogame company activision blizzard gets a downgrade. the latest on the lawsuits for company is facing over sexism, next. and, warner bros. latest offering suicide squad fell short in its weekend opening. the film, which was also available at no extra cost to hbo max customers took in $26.5 million in u.s. sales.
emily: samsung's billionaire vice chair will be released from prison on friday. the justice committee recommended he be granted parole on good behavior. the de facto leader of samsung was sent back to jail for a second time in january after he was convicted of using bribery to win support for rate concession at samsung. -- support for a concession at samsung. a case involving the merger of two samsung subsidiaries.
activision blizzard taking a hit following a downgrade. this after the videogame maker was sued last month by california state agency alleging that female employees faced constant sexual harassment. they downgraded the stock to hold from a previous buy rating. a bloomberg exclusive report details how partying and sexism were long part of the culture, with managers hiring mostly men and dating women at the company. the california complaint along with employee protests and shareholder lawsuits have prompted the ceo to apologize to staff. he says, in a letter, "our initial responses to your concerns were quite frankly tone deaf. it is imperative that we acknowledge all perspectives and experiences. i am sorry that we did not provide the right empathy and understanding." for more, we are joined by our bloomberg tech reporter jason schreier.
author of this exclusive story. excellent reporting from you on this. give us more background on this lawsuit. jason: thanks so much for having made. this has roiled the videogame industry the past two weeks. the california department of fair employment and housing sued activision blizzard saying it had copious sexual discrimination and harassment. a lot of the complaints in the lawsuit centered on blizzard entertainment, which is sort of an autonomous subsidiary of activision blizzard combat which is one of the most beloved companies and a gaming at least it was. it is best known for games like diab and starcraft. it has won awards, been ranked as one of the best places to work. this came as a real shock to a lot of people. emily: some of the revelations
were stunning. activision blizzard enacted a two track maximum to stave off some of the problems and cut down on drunk driving. give us a broader picture of what you uncovered as you talk to more current and former employees. >> this was a company that back in the 1990's, early 2000's and it was getting big, it was a company that was mostly men. the sexism was more subtle. you might see scantily clad animated characters on people's screens and desks and that sort of thing. once blizzard released world of warcraft in 2004, the company started to get fame and fortune and some of those early employees started becoming very rich. the annual convention, blizzcon, where they brought fans out to anaheim, california, to celebrate the games, have panels with developers. some of these developers started feeling like they were rock stars.
fame and fortune transformed them. that eventually led them down a road where they saw some of their fans and even some of their coworkers as groupies. they felt they were untouchable and could get away with anything they wanted. in many ways, they could. a lot of them stuck. -- 11 stuck around. back at the office, there was a culture of heavy drinking, partying especially in certain departments like the tech department. the tech department was known for having alcohol-fueled hazing rituals, people taking shots during meetings. really crazy stuff that blizzard just kind of harbored for a long time. emily: this is not necessarily a problem limited to activision blizzard. you have done a lot of extensive reporting about sexism in the industry at large. at this extreme level, do you believe this is something we see repeated in videogame making
cultures elsewhere or is activision blizzard an extreme example? jason: no, that is a really important point. this is a systemic industry issue, very similar to tech. the videogame industry is dominated by men, especially at the highest leadership. if you look at the history of the modern videogame industry, it really started in the 1980's and 1990's. it was mostly men who started a lot of these companies. if you look at a lot of these companies like blizzard, people in the highest positions tend to be men who started 30 years ago. now we have a new generation of people. fortunately very diverse game makers, women and people of color and people who did not fit into that sort of nerd stereotype for game developer. but not a lot of those people have been able to ascend through the ranks. some of those people have been burnt out. we are seeing stuff like this
across the industry. maybe blizzard is unique in that it had the rockstar element to it not a lot of other studios had appeared i am sure a lot of female game developers across the industry or reading some of these allegations and saying, yep. been through that. been through this paid discrimination, i have been harassed at work, asked out, reporting it to hr and not doing anything. a lot of stuff women see everywhere. emily: really appreciate your detailed and extensive reporting. of course it is important because everybody plays games, not just men. more and more women playing those games. thank you so much. we will continue to follow your work on this. coming up, pressure mounting on world leaders to aggressively -- to rapidly address climate change. we will look at the landmark report out by climate scientists warning that time is running out. later, as the tokyo summer games wrap up, we are just six months away from beijing hosting the winter olympics. but a number of challenges stand
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emily: welcome back to "bloomberg technology." i am emily chang in san francisco. in a landmark climate report, scientists get a stark warning. time is running out. the report sounds the alarm on climate change and issues a code red warning for the human race. key takeaways, that the last decade was hundred and any period in 125,000 years. and there is no end in sight for rising temperatures before 2050. for more, i want to hand it over to ed ludlow with the latest. certainly alarming.
ed: it is alarming. this scenario of global temperatures rising 1.5 degrees celsius over the next two decades. the report is clear this is human action that causes this, and it is something done through industry, through companies. if you are an investor, how do you think about this? we know investors are becoming increasingly conscious about climate risk, about environmental considerations. this is data from bloomberg intelligence on the number of shareholder proposals across esg. the orange boxes are those approved specifically on climate proposals. they have jumped 75% over the last 12 months. what is astonishing about this data that bloomberg intelligence crunched is the level for each proposal is significantly higher for climate themed proposals than it is for social. this is at the forefront of investor consciousness. i have also been looking at other data. the climate change theme score, this is a number that is
assigned to a company a sector, , a country based on things like their carbon footprint. you can see some surprise and some non-surprise in the sectors that perform well. 10 is a perfect score. health care is leading the pack. technology, that might be a surprise. data centers, energy intensive. heavy industries associated with tech but that scores well. down at the bottom, less of a surprise energy. , if you look geographically, one might assume the united states leads the way. not so. if you look they are the middle , of the pack. it is really western europe, the u.k. that scores much more highly on this climate change theme score. down at the bottom, china. real big consumer of commodities. real big place for heavy industry. really fantastic data on the bloomberg terminal. if you dig into it, you can see investors are increasingly
looking here, especially in the equities market, on how they are making investment decisions. emily: thank you so much for breaking that down. for more now on the climate crisis i want to bring in chad anderson, founder and managing partner of space capital. al with a new report about how these technologies can help us tackle climate change. how exactly do you see space technology playing a central role in climate change? chad: the fact is we would not know about climate change if it were not for satellites. and so what we tried to do in this report was sent to show the foundational role that space technologies and satellite data play in climate markets and enabling climate markets. half of all the climate variables we are tracking come from space and 99% of weather data comes from space. it is front and center and right in the middle of this conversation.
emily: how much of this -- one of the systems of space is the expiration, the real world impacts of space. how many of these technologies are ready now? how many of these technologies are in their infancy's and going to take years to play out? chad: it feels in one sense like we have gathering this data for decades. it has come from early nasa missions. we are sitting on a pile of data. we are starting to feel the impact. you don't have to be a climate scientist to understand what is happening. you have to look at your window and watch the news and see the impacts affecting our daily lives and affecting his messes. we have solutions that are in place. there are big gaps in the data. we need more sensors in space. we are funding to help fill in the data gaps to enable the climate markets to have measurable data that then
products can be built on top of all throughout the lifecycle and the flywheel of climate, markets is what we focused on in this report, the opportunity for investors. emily: jeff bezos recently went on an 11 minute trip to space with blue origin, and you helped us narrate that coverage so well. thank you. we were the first to interview him on the ground. i asked him about the skeptics and the critics who say, why are you investing in space when your time could be better spent helping us on earth? take a listen to his response. >> what we are doing is we are building infrastructure. we are building a road to space so future generations can build the future. we live on this beautiful planet. it is the most beautiful planet in the solar system by far. and we have to keep it safe and protect it. the way to do it is slowly over decades is to move all heavy industry, all polluting industry into space.
that is what we are going to do so we can keep this planet the gem that it is. emily: do you think bezos's idea is, a, realistic, and b, the real solution? moving industry to space? chad: this is really long-term. it's a goal to work towards, certainly. i like this idea of zoning earth residential. there is already talk of moving heavy industry off planet. the space economy today is made up mostly of geospatial intelligence, gps and communications. 95% of the market is in those things. that is the data from satellites and what we have been talking about. the thing i think we really have not wrapped our head around yet is how fundamental starship is going to change how we interact with space, and how accessible it is going to be when that vehicle comes online. the ability to launch 100 tons to orbit, refuel and go to
further destinations. this is going to open up all types of applications have not seen that were not feasible previously. there is a $100 million gift that was given to explore solar power generations in space, and that's one effort and there are many others similar to that happening around the world. emily: speaking of satellites, spacex just made their first acquisition in 19 years, acquiring swarm technologies. they have star link. there is planet lab. all these different companies competing to be the eyes and ears of the world. do you see consolidation in this space? who wins? chad: spacex is certainly the apex player. there is a number of others that are talking about doing things. spacex is a company that is taking us consistently and regularly to orbit whether it be satellites for climate companies or for other applications.
other than them and rocket lab, those are the two commercial companies taking us to orbit. they have certainly got a head start and are the ones to watch. emily: what companies are you betting on right now? there is money to be lost if we don't invest in protecting the earth. there's also many to be made if you invest in the right companies. what money -- what companies are you investing on -- investing in? chad: sticking to climate, we are seeing a lot more companies and founders used these new tools and access to space in ways to develop really interesting technologies. and so, one of the companies we have invested in, they are the first and only company that is able to track facility-level emissions from space. so, just in q2 i think they tracked and identified 150 megatons of carbon emissions. there's a really interesting capability, partners really nicely with an initiative by the
environmental defense fund. those two things are going to work closely together to give us a full solution. on the market side, the most important thing happening on the climate side is around markets and giving us measurable, and accountable data. there are other companies building the solutions, the applications that are built on top of these data sets. we are looking to invest in this surge in investment interests. $50 billion expected to be invested this year so we are looking at this closely. emily: all right. chad anderson, always appreciate having you here. coming up, the lowest skilled jobs have been hit the hardest by the pandemic, while jobs that require a higher education and training have proven to be more resistant in times of economic downturn. i am going to speak with rachel carlson next about their mission to upscale workers in a new normal. that is next. this is bloomberg.
yvonne: an update on the pandemic care the pentagon will now require members of the u.s. military to get the covid-19 vaccine by september 15. the decision comes as new cases in the u.s. last week rose to the highest weekly level since early february, fueled by the highly transmissible delta variant. deaths rising 49%, the biggest weekly increase since december. these latest headlines, a reminder that life will not be returning to normal anytime soon. and for the unemployed, the news gets even tougher. roughly half of u.s. governors have ended unemployment benefit
programs created during the pandemic. our next guest hopes to help those in need. her company has programs to help upscale employees. rachel carlson joins us now as part of our weekly work shifting segment. you have such a unique view into the trends employers are seeing. workers are seeing across the spectrum. what are you seeing mid to and dare i say post-pandemic in terms of who is losing their jobs, who is able to keep their jobs and who wants to change their job? rachel: it is a fascinating landscape right now, one full of real opportunity for american workers. there is more influenced by the employee than the employer and we have seen in most of the last 15 years, but it is devastating for a number of populations. women are really interesting examples. last week job gains looked , fantastic on paper, but when you think about the fact that 2 million women left the workforce last year, we are only inching back to baseline. we need five more months of last
month's recovery to even get back to pre-covid. really depends on how you look and analyze the data. emily: i am really worried about not making up for what we lost in just the last 18 months. you work with companies like walmart, disney and chipotle to help upscale their workers. what are these companies and workers asking for and what do they need? rachel: the future of work has arrived. it is here. it is no longer in the future. companies have been preparing for that for quite a while but workers are realizing it today and in a very present and urgent way. we are actually seeing a fair amount of alignment as a result. there are employers saying this job, the cashier america has 3 , million cashiers today, most companies are going cashierless. but what are we going to do with those cashiers? some companies might leave them off but many are saying how might we reskill that population and prepare them for the next job?
whether that is working as a pharmacy technician, or moving into a clinical role where the customer service that makes you a great cashier can give you a great bedside manner that you do not have the technical skills to draw blood or be a clinical technician. picking about, how do you help folks in the $10 to $15 wage move into the $20 to $25 role is really interesting. because what employers need is to prepare their workforce for the workforce of tomorrow. emily: you found 26% of workers plan to look for a different job post-pandemic. why is that? does it have something to do with the flexibility employers are or are not giving employees? rachel: i think it comes down to nearly everyone spent time in their house last year thinking they wanted out of life. and what we are finding is employees, especially today
where wages and health care are now quite commoditized. $15 an hour is becoming the floor and is becoming ubiquitous as a narrow wage band. and health care is now rightfully becoming more of a right than a privilege. what that means is workers are now saying, ok, how do i differentiate between the company i want to work for? the number one thing we are seeing is millennials, gen z, but even boomers want to work at a company that provides career development. now, that does not mean they are promising you a job in the future but it means how are you giving me the opportunity to develop skills so that i am capable of the next job? because i'm pretty sure today's job is not going to stay the same for 10 years from now the way it did for my dad. that is what workers are asking for. we are seeing the companies that are offering education and upscaling are the ones that are winning today's war for talent and pulling people from one company to the next. emily: you are doing some interesting things at your own company in order to focus on retention, giving equity to all employees.
you recently raised money at a $3.75 billion valuation, which is huge. you also have a unique view on the wealth tax, which i find interesting given that it ends up gang successful, you would be very wealthy. i would love for you to share some of that with us and how other companies might be able to learn from that and work some of these ideas into their policies. rachel: i am happy to talk about it, though as you know, i have not talked about this much. this will be the first time i talk about it live. i believe i stand on the shoulders of privilege in giants. i do not believe i am self-made. i am lucky and privileged to be where i am. i think it is unfair i pay a lower tax rate than a lot of my employees, and certainly than a lot of the four million americans who have access to guild through their companies as frontline workers. i just don't think it is right.
and so i feel grateful. i believe in capitalism, but i believe it is probably time we start thinking about how to make sure that capitalism operates with the privilege of democracy, rather than democracy being dictated by capitalism. and so, you know, i'm grateful to have made more money than i ever anticipated in my life, but i'm really focused on making sure we build more companies that solve problems and continue to use capitalism as a tool for innovation rather than just a tool for wealth capture. emily: i appreciate you sharing that with us. thank you. and for the first time on live television. rachel carlson, guild education founder and ceo. we will continue to follow. appreciate your thoughts there. coming up, consolidation in the online betting world. we are taking a look at shares in a golden nugget up more than 50% on news that draftkings agreed to buy them. this is bloomberg. ♪
emily: chinese e-commerce giant alibaba has fired a manager accused of sexually assaulting a female staffer. the employee's account of the ordeal went viral on social media and ignited an online debate about rampant sexism across chinese tech industry. two executives have also left the company for mishandling the incident. amazon is ending its joint venture in india with a billionaire. the move is a potential setback, as india's online market continues to surge. the idea was to train and bring on the amazon platform's new global merchants. amazon has come under fire in the country for business
practices that small retailers say are unfair and illegal. draftkings is expanding its presence in the hot market for online betting. the fantasy sports giant agreed to buy golden nugget. the deal gives drift kings more casino-type betting games, and they will expand into sports wagering. as the tokyo summer games draws to a close, preparations are well underway for beijing to host winter olympics in just six months. but there are a number of challenges ahead, not least of which is a resurgence of covid cases in the country. bloomberg's annabelle droulers has more. annabelle: beijing is promising a successful winter olympic's in february. -- winter olympics in february. still, a number of hurdles stand in the way. starting with transporting athletes and delegations. officials have yet to share quarantine plans with borders now largely sealed off eared
even full vaccination against covid may not guarantee easier access. there is evidence china's shots offer less protection against the delta variant. international fans could be limited but beijing may allow home crowds capped at two thirds of capacity. for others social distancing rules, organizers well played -- love paid close attention to the tokyo playbook. we could see winners putting medals around their own necks. infrastructure is where beijing can shine. state media says all construction work is on track. but what about the snow? skiing events will be staged in desert averaging eight inches of coverage per year, and china will be relying entirely on artificial flakes. that's raising environmental concerns. and then there is human rights issues. some are calling for a diplomatic boycott of the games. critics including u.s. lawmakers want a change in beijing's stances on hong kong and uighur muslims.
pressure is being applied to key sponsors including coca-cola. china says any rational company will respond with the right judgment, particularly those who have benefited from its breakneck growth. with these games, beijing has a chance to dazzle the world. officials are said to want at least five gold medals, another challenge for a country historically weak in winter sports. emily: bloomberg's annabelle droulers. all right. that's it for "bloomberg technology." as the curtain falls on the tokyo olympics, delayed and curtailed by covid-19. japan's athletes can chalk it up to a triumph, having bad more -- having bagged more medals than ever before. for prime minister yoshihide suga, it is more likely a letdown, unlikely to help his chances in the looming general election, or provide much of a boost to the economy.
>> the closing ceremony wrapped up the 32nd summer olympics in tokyo, marking the end of one of the strangest games ever. outside the stadium, protesters relate over the concerns of the cost of the event and coronavirus in tokyo, while inside, athletes waved to press instead of spectators. one of the flashiest moments was the floating rings, which was done by cgi. in the opening ceremony, more than 1800 took to the sky, forming shapes in the air, including a globe over the stadium. all that aside, the olympics came with some controversy. for the start, organizers announced fans would be banned from most venues, putting a damper on the excitement. now that it is over, residents are focusing on the positive.
>> [speaking japanese] >> [speaking japanese] dr. there were plenty of firsts. -- >> there were plenty of firsts. countries like the philippines and bermuda won their first-ever gold medals. there was the first out transgender woman to compete in the olympics. and there were four new sports. skateboarding, climbing, surfing and karate all made their debut in these games. emily: that does it for this edition of "bloomberg technology." make sure you tune in tomorrow. we are going to be joined by the
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