tv Bloomberg Technology Bloomberg September 15, 2021 5:00pm-6:00pm EDT
caroline: how helpful with the platform in hot water. latest data shows efficacy of the vaccine wanes over time. joining the company mandating vaccinations with employees giving you a roundup of the vaccination headlines of the microsoft president and disney ceo on the matter. we will get you back and a moment. it stocks rose the most and almost a few weeks. nasdaq is doing well. >> people worried about when those buyers will going away. that actually did show up. a plot twist with the market having to do with technicals but the and story in the s&p 500, nasdaq ending in the green. what caught my eye is the semi conductor index. half a percent underperforming the broader benchmark. doing with the opposite of what
the tech trade is. we talked about tech being under pressure. semi conductors were up today. there underperforming. something to watch on the day ahead. i really want to bring up the drive etf. up a whopping 1.2%. a lot has to do with headlines reporting an a billion-dollar ipo in the future. the ev maker backed by amazon went to get to a terminal because a lot of the news came out of china really more regulatory scrutiny coming out of china for casino operators and you can see on this chart look how much casino operators have been under pressure compared other way back to 2008. this was the biggest on record. at 22% drop for the index. it feeds into what you're seeing for the chinese u.s. listed shares and a lot of it has to do with textbased. if i can compare the chinese stocks to what we are seeing with big tech in the u.s., are seeing the divergence here today but i want to -- to show you what is happening.
adept lower tells you the tech bundled trade is actually a bottle trade. global tech getting some of the heat from what is going on over china. caroline: got to keep across all of the china news when it comes to u.s. investing. let's get to our top news right now, spacex gearing up to launch a mission to orbit this evening. jared eisenman is fronting the trip and breaking in billions to benefit. joining me to discuss more about the excitement and the opportunities is the ceo of voyager space holdings. set the scene for us. tell us about the excitement and the preparations. guest: falcon nine, with the spacecraft that will carry the crew is over my left shoulder two miles away. they had medical checks and they beefed it up and just brought it
. tesla model x, is anybody surprised? it is historic launch pad that has been the sight of so many nasa missions over the decade and as you say, these are pure civilians. it is not their data. they had five months of intense training. they have gone through everything you would expect, exposure to severe geforce, taking up in fighter jets, literal, virtual reality simulators and what it will be inside dragon if something goes wrong and if something does, it will be down to the missions commander to act in the way he thinks is appropriate in the way he has been trained backed up by the other three crewmembers. caroline: extraordinary tides and the excitement has been palpable because netflix, the company we are talking day in and day out, we have been on this journey with astronauts. he didn't talk to us about how
this move, what did this particular voyage which was in the likes of blue origin and virgin galactic, what it means for the reality of space travel for me as a consumer? guest: good to see you. i think it is significant for a few reasons. one is the mission architecture itself. they will go to 575 kilometer altitude. that is the deepest humans have been into space since i believe 1972. even going to the international space station is only 400 kilometers altitude. the deepest we had been recently was preparing the hubble telescope which is about 540. it is significant in its architecture and there will be in orbit for three days, which i joke with friends, imagine going on a camping trip and you cannot get out of your suburban for four days or three days and that is the mission. they are trained for that.
that is a significant element of the mission and i think the other thing is as you mentioned, i want to highlight dr. proctor. she will be the first female african-american pilot of any spacecraft in the history of humanity. i think that is a significant milestone worth celebrating. caroline: well said. agree. we are seeing live pictures. they really close as a group and they are clearly getting to know each other pretty intimately. what's the biggest stress they are under? psychological? physical? talk to us. guest: i have not been to space myself. i hope to do that at some point but i think it is really a little bit training kicking in. i have the privilege of knowing a lot of astronauts. they talk about their training very similar to the military when you are in stressful situations but training takes over.
how they received the kind of training while that would happen, i assume they are ready to go. those are the kinds of questions . every mission will have a glitch. technology is complicated as we know but in the training kicks in and well done, they will know how to handle it. the dragon is very advanced technology system as i'm sure you are aware. there is a lot of things we can do to sort of override the situations that might be risky. i am just getting a smooth mission. spacex's track record is remarkable. caroline: what does it mean for spacex? what does it mean for investing in its business going forward? guest: no worries. he has is excited as i am. i spoke to a lot of investors over the last few days. nasa feels very that this is a great move forward for human space exploration. jeff bezos went to 65 miles
above the earth. that is sub-orbital territory. this is many magnitudes greater. it is more risky. it is interesting because you over member in the netflix documentary, they have followed the inspiration for crew from a number of months and there was a scene in an episode where they discussed why are we going to 306 demos? why add that additional risk even how far it is they have to travel? jared told me last night the whole point of spacex is eventually to get humans to mars. it is to get humans back on the moon. what is a point of doing a mission if we do not take a step forward to that smart he did not want to go to the iss. he wanted to go further beyond that and hubble so they could actually make its mission about progress. another thing nasa told me, spacex agreed to hand over the data for free. everything, radiation readings, space debris meetings, and letting nasa inspect the vessel.
nasa tells me it is completely invaluable. caroline: that must excite you as a man building a business into space. you state you want your company capable of delivering any mission a human can conceive of. what will it do for your own business, as i know you are looking toward going public or raising funds? how are you looking to build on the success of spacex? >> it's a great question. that is really motivating the retail and everyday space command. that's helpful for the ecosystem clearly. what we are focused on together with spacex and many great companies is the destination piece. now that we built the
because it is going to high altitude and ultimately we need private space stations and the ability to get back to the moon and the ability to get into deep space. we are focused on estimations and letting infrastructure that enabled that in the future. caroline: one of the best office drop -- backdrops on a long time. voyager ceo. ed ludlow what the best outside broadcast backdrop we had in a long time since the last time you are in watching a rocket go into space. we thank you so much. stay well. this could be the biggest stock buyback ever. a $60 billion repurchase program for microsoft when lawmakers are considering attacks on buybacks. a market value of 2.2 trillion dollars, the second-most valuable publicly traded company. facebook back in the hot. this time working with senators to prove instagram is a risk to teenagers. that is next. this is bloomberg. this is bloomberg. ♪
♪ caroline: the federal trade commission has filed hundreds of deals by u.s. tech giant that went under the radar of merger watchdogs. they must be more aggressive in making sure companies are thinking about loopholes to avoid reporting to regulators. the findings of the study could bolster arguments that they need to step up scrutiny about curbing their power. something that we were looking at is facebook and it came under fire from capitol hill. makers are happy about a report suggesting company did not propose research it proposed mental health risks to
teenagers. richard blumenthal and marsha blackburn have said we can't have a facebook whistleblower and they will investigate. joining us for more and this is an investigative reporting -- talk to us about what is again coming to light in terms of facebook's own protection of data and whether they reveal enough at the most prominent time. i think we are having technical difficulties. >> this is a long-term trend of facebook. saying one thing but doing another in private. one of the issues that has come to light is how much facebook was downplaying the potential effects of instagram on young children's mental health.
one of the findings in the report was that nearly one third of young teen girls said they felt worse about their bodies because of instagram. this is an issue that has come to light at a time when facebook is expected to be expanding its offerings for young children in doing what's called instagram youth, a platform for children under the age of 13 and something lawmakers have previously expressed concerns about. caroline: this is a problem that sits so ill with many of us. we kind of knew it and facebook clearly has known it but for many not just teenage girls, women knowing that scrolling through instagram does not bring out the best feelings, how have we seen internal documents shine a light on it ways of negating this because it feels the rivals are getting ahead of them, tiktok coming out with ways to
protect their mental health. guest: facebook has been saying for quite some time it is looking at ways to reduce this pressure to be perfect on its platform. that was one of the reasons for the introduction of the story is because the post would disappear after a certain amount of time. i think what they were suggesting is this still is a wildly feature of instagram, the nature of instagram, and one of the reasons that young people have not been locked into instagram is because celebrities bring you into their perfect lies and facebook really wrestled with, do we want to reduce that in favor of e levating content from people you know who live more ordinary lives? caroline: it has come out and
facebook support. it is just humanity at the moment. it is just individuals and the way in which you behave that is brought to light and in some ways, it is a number -- wonderful thing for the sharing and the creations and the friendships but the results of the bedside. naomi: there is -- what mark zuckerberg has said before congress is luck, i think social media provides for many young people a great social outlet for them to connect and not every young person -- perhaps not even most -- greek net -- negative mental health effects from the platform and so they are trying to balance the good with the bad. caroline: always so smart on all the things. thank you so much. joining us with the inside track on the ramifications from the wall street journal. hong kong ceo talking to us about the chip shortage in the future of 5g. how the chipmaker will move into
note. we will bring it to you in a moment. >> is important we get a more diversified apply chain when it comes to chip. i think it is important we focus on the global market and also european production is met for a global market because we get the right compel the pressure but i think it is important we diversify. we cannot just have it that we depend on very few, very baked chip producers. caroline: the ceo of one of those companies says it can be used to outstrip supply. sitting down with of bloomberg studio 1.0. >> we are short on everything like on every single product across every single industry that we are participating in. we are short. my conductor companies, and and say we are not short. you should be worried about them. the demand is high across all
industry. a decelerated digital transformation happening and we were able to be multi-sourcing but capacity expansion plans in place and those will come to fruition as we get to the end of the calendar year. at the end of 2020 two, we will see for the absolute geordie of businesses supply engineman will start to match. caroline: which chips are the exception and will take the longest to come back? >> there has been a very broad industry shortage of power management. when you think about electrification, electric cars, the batteries use a lot of power management and those are capacity was finite. the industry has not been investing in that capacity. caroline: is that why elon musk has been complaining about this? >> i think in general, everyone is complaining about the shortage of legacy technology and even those are going to come
online and we will feel good about where we will be and could 2022. reporter: are you saying it ship test chips in cars in particular will be more difficult? guest: what happened with the pandemic and you have disconnect between supply and demand but the percentage of digital and cards are increasing at a very past pace. the car industry is transforming good electronics are becoming important. that is why our automotive business is growing so fast and i think the car in general is consuming more silicon. that is right this industry is going to take a little longer to recover but in general, globally, across all industries, we will be out of this crisis as we get to the second half of 2022. the automotive industry is going to take through 2022 to recover. we also see pockets within consumer-electronics that there is also going to take longer to
recover it in general, as we get to the first half of 22, i think the entire crisis is behind us. reporter: how come the last few years were dominated by really big legal challenges? are those legal challenges a high due for good? guest: all of those are behind us right now. i would argue, especially as related to our business, we have one of the most stable times in the history of the company. i have been in the company since the very beginning and we never had more stability in the licensing business and i will argue our model has been battle hardened by all regulators across the globe and we feel very good about having the value for a licensing business recognized but also what we bring to the industry and we will feel good about it. reporter: your relationship with apple went through a few difficult years of better
lawsuits. where is that relationship today? guest: it is great. we have an agreement with them. there is a lot more to the apple relationship. it has incredible opportunity with 5g especially as new players rise. it is incredible to see companies becoming the number two on the world in europe and this month they are number one in shipments. we are becoming the essential ingredient for all this -- that is part of how the company is diversifying. we are happy about that and i think the company at the very end will be of many relationships. reporter: will it be and the meta-verse? are your tips going to be in the meta-verse? guest: we started working with augmented reality and virtual reality. those are becoming a business
and we have an incredible relationship with facebook on oracle. that is on vr. we have worked with companies like microsoft on argumentative reality. mixed reality will be a reality for us. pun intended. i feel that the next phone is going to be immersive glasses. we are going to wear them and eventually we will just have glasses. our caroline: caroline: phones will be augmented reality glasses? guest: you will get glasses that look like this and have 5g modem in your glasses and a computing of the cloud. you will be able to look at everyone, look at everything, and if you look at somebody and say i will go to the cloud and check on instagram, get all the information you need, in real-time as well as objects and things you want to research about, that is no longer technology issue. it is just a matter of having
caroline: let's get the latest on the markets. reporter: i want to look at big tech. look at the year-to-date performances. you're starting to see a divergence. we're talking about recovery trades. you start to see a little bit in big tech. apple underperforming only up 12% year today. if you compare that to alphabet, 64% good that is over five times are percentage spaces with apple. a lot of that has to do with
business revenue and the recovery trend showing up in the tech sectors. i want to bring it to our next slide and that will be nonprofitable tech because we are talking about how you get into the big tech trade, how you bought the early apple and early amazon. a lot of that requires -- that is what you're seeing it. at its peak, we saw quite a bit of money. people going to take that risk even if it wasn't making a profit. the typical road trade. not so much. you're seeing the trade today and it is interesting. bank of america came out and talked about the sectors that could become the next big tech. it does six g networks, electric cars, in this index out of goldman sachs not performing as great as it once was. i want to end more on the wrist -- risk-taking take ability. crypto actually higher on the date taking with it all of the crypto related stocks. that is what today was. let's see what tomorrow brings.
caroline: steve cohen is getting more involved in the crypto space. thank you so much. let's talk about the vaccine, covid. we had a talk with president biden teeing up with ceos into capitol hill to talk about mandating a vaccine and notably, we talk about pfizer saying that efficacy -- the booster shots are safe and effective against the virus. let's go to our bloomberg opinion. everywhere we go, we are talking about it, whether we need a booster, what age group will have it, and where there are companies going to be mandating vaccines and boosters. talk to us about the need for a booster. i feel like slight whiplash on it. max: it ends up being remarkably complicated. there are two areas you're talking about when you're talking about boosters. the first is, do we need them? that sort of defense on the problem you're trying to solve. if you are worried about the winning protection against
infection, yes, we are seeing some decline in, more symptomatic cases and vaccinated people especially those vaccinated earlier, but there is less of a decline in protection against severe disease and death so that makes for a complicated decision or determination about booster shots when you're talking about vaccines that are still on the global basis that we did -- have limited supply. that is where you did get the discussion about whether -- it is less about whether you will need boosters at all about this point but whether you should start with for example the older population and seeing more of that decline in higher risk and then maybe wait a little bit longer until supply catches up or until you have more data on the severe disease component before moving on to younger people and then it is whether they were. that is still very much an open question. very early data from israel suggesting yes, but it is quite
early to say and then of course the data from the company is saying they see a rise in antibodies but we don't know what that correlates to in the real world. caroline: question marks about efficacy, necessity, and inequity with booster shots. any update on children? many are returning to the office. some will happily get vaccinated but i have my four-year-old and almost two-year-old at home and are worried about them. anything in terms of the children? max: i very much have the same concern with the young daughter at home. you know, it's --we are getting some data from pfizer. they're expecting, i think, to have data sometime this month on the 5-11 cohort and essentially move for approval sometime in the october timeframe and a month later on the data and the
potential approval timeline for that younger cohort. definitely moving along but not quite yet. caroline: always great to get your expertise. bloomberg opinions good we were just talking about ceos on capitol hill talking to biden about whether they will mandate a vaccine. we will talk about the impact on the workforce by people working remotely. i want to bring in christian wong joining us from san francisco. your whole business model is around connecting those workforces, understanding company culture. how are currently the employees faring in this time? we know many are being impacted from a mental health perspective. christian: we are seeing that as well and we have been talking to employers and doing research on them. we are hearing that nearly half of employees report feeling some level of disconnect and the loneliness for so long and they are looking for platforms where they can have conductivity with
others in the workforce and so they have a glass door and come into a fishbowl recently acquiring -- having these conversations where they have a really candid and meaningful conversation and not getting in the workplace. caroline: talk to us about fishbowl and how they are having to -- a fast-growing social network but one within a business. christian: that is right. it is a fast-growing social network for working professionals. it can have real, candid, and meaningful conversations about the fishbowl and so the heart of what fishbowl does is trying to drive -- that has always been the court does core. we are looking to ride the next chapter in workplace transparency. caroline: how much of these purely private conversations are going on? are they something you can give a sentiment check to the business itself?
what has been useful about glassdoor is you give the data in a transparent but nonlinear way. you might be able to help the ceos to understand whether things are going right or wrong. caroline: the core of -- christian: we want to get the inside scoop of what is valuable for employers and ceos because we find out what is going on and that is how we use glassdoor and that is how i use glassdoor and fishbowl over the last couple of years. we have our own company on fishbowl. we verified employees and i love going into it and check on what people are saying in the real chatter on what people care about and it can be lighthearted stuff like water cooler conversation but also meaningful stuff to get feedback and to note what the organization is happening right now. caroline: [indiscernible] christian: i do both. i come in anonymous. where it feels like by bringing
anonymity, -- there are times where i feel like it is right for me to come in and show might -- what we love about fiscal -- fishbowl is you can choose your anonymity as a user and there are some conversations where anonymity is really productive and there are others where it is helpful as well. caroline: how are you leading your business? how are you responding to your own employees about whether they want to work from home or a hybrid model or what the future looks like? christian: we were very early in the pandemic to send people home and it came down to safety and well-being first and the safety and well-being of their families and i think people respected that and what we saw on the platform is companies took that posture overwhelmingly got fantastic reviews from employees about putting their safety and well-being first. we have adapted to working
remotely and we can work from anywhere. policy and that itself opened up a whole new set of talents that we can tap into and we are a growing company in hiring a lot of people right now and so that has been helpful for us. now i think we are grappling with how we think about vaccines and the return to work and coming back to fishbowl. it is one of the most heating discussions we had on fishbowl. we had 2000 people coming in to talk about it and requiring a vaccine to come back to work and something that many employers are grappling with with so many people. caroline: thank you. that is a transparent conversation with you. glassdoor ceo. robotics 101. from -- we hear from the founder of -- how robots can see some companions between school in the future. you could see eventually replacing teachers. stanford ranked the top business
robots getting smarter. one that's more people worry about their data with money regulation. he spoke with emily chang to discuss the growth of china in the ai race and whether he believes regulation is next. christian: u.s. is likely to continue to lead in this area of enterprise computing and work. it china on the other hand has grown tremendously a coke robotics. -- in robotics. it is a great opportunity during covid for social distancing where more and more factories and warehouses to use robots and at least acknowledge it needs to become better and cheaper. for example, there is a dynamic for less than 1/10 the price. in my home, when i order take-out, it is delivered by a robot. and r2-d2.
robotics is an area because of china's strength in manufacturing is going well. reporter: the more data we have the smarter ai gets but we are facing more regulation. consumers are not sharing as much and choosing not to up in. do you think those efforts around the world, global regulatory scrutiny of technology, could impede the advancement of ai if it prevents the data from being gathered and shared? reporter: i think regulation -- guest: i think regulation is absolutely necessary to prevent the most egregious acts that could be taken by large internet companies with too much data but i think taking away the data is--swinging the pendulum too much to the other extreme because without of the data, all the convenience goes away and that can be good for us. i would like to think there is some medium where on the one hand, there are regulations to protect people's rights and
punish their egregious behavior but on the other hand, there are also technologies being used to protect people's personal data. i think long-term, what needs to be done, our ecosystems that help them to align their interests with ours, with the users. they are incentivized to produce products that help us improve our happiness or how much we learn or how knowledgeable we become. reporter: speaking of learning, ai could also transform education, there is talk of ai companions, and features sitting with our children. what is with the future of education to you and is it a go thing if robots are talking to our kids instead of us? guest: our kids are going to love these robots no matter what we do so we might as well make the robots a constructive and fun companion.
that is something that teachers cannot do. we cannot afford schools where there is one teacher per student but we can have assistance or companions for each child that learns what the child likes and makes learning fun if a child likes the superhero relates basketball. the learning 10 be camouflaged and the gameification makes it entertaining. kids love toys and they have companions and imaginary friends anyway so why not invest in technologies that can play that role? emily: you also explore exar or extended reality, augmented reality, virtual reality, makes reality into one. mark zuckerberg talked about the meta-verse. what is your vision for extended reality? guest: certainly in the next 10
years, if not sooner, very usable system that might look like glasses that can do ar/vr scenarios. i am bullish on that but i'm not so sure it is quite ready yet so it is more like maybe five to 10 years out when all the technologies become goodenough and it just clicks like when the first iphone came together. i think it has to be careful because in a world where jobs are going away and people are losing their sense of why we exist, if there is an incredibly attractive and even addictive virtual environment in which they can be sucked in, getting into the future of wally -- wa ll-e is something dangerous that people live the real world and live in the future will -- leave the real world and live in the virtual world. emily: your book takes inspiration from the pandemic and am -- imagines a world where
robots do a variety of tasks that humans have difficulty doing through this 1 -- cleaning, delivery, etc.. well ai stuff the next pandemic from happening? mr. lee: we clearly already have the data and a lot of the data is public. i think it will be strong incentives for countries to want to offer data for the greater good of attacking the next pandemic so i believe there will be ai systems that will trigger alerts and cause countries and cities rapidly respond and contain the next pandemic. i think the likelihood is high. we have to get out of the current pandemic first. caroline: how is 2061 different than 2041? mr. lee: i think there are a lot of questions i preferred because i don't think singularity would happen. super intelligence will happen. i don't think people will follow-up with ai or it would
have the mind of their own, self awareness and desire and emotion. i am sure in 20 years, that will not happen. in 40 years, i am a lot less certain so that might be the next big breakthrough. caroline: talk about long-term thinking. speaking with emily chang. check out his new book ai 2041. coming up, the future of investing might be alternative. inflation and we are looking at the financial technology companies. there is a lot they are betting on. we talked to the ceo next. this is bloomberg. ♪
to the launchpad where spacex will launch its first ever all civilian mission to orbit. they have suited up and are getting comfortable inside. they were set to go shortly after 8 p.m. and a three-day journey into the earth's orbit. stay tuned on bloomberg tv for full coverage down there. let's talk about our position intelligence and the financials based fintech company --has expanded its access to consumer loans through proprietary and has announced it is hitting the public market via a special acquisition. the spat comes through a leading investor in the u.s. backing sector and the ceo joins us for an interview. health evaluation in the tune of about $9 billion i understand. let's talk about what exactly you do. you are working across consumer loans and auto loans.
where are you trying to make it more efficient? guest: thank you so much for having me today. so excited to be here. to your question, we have created a very strong ai network to create a better outcome for those customers. if you think about it, let it be the auto loans, let it be the personal loans, there is eventually a customer that is going into these places in the dealership, in the store, and it is looking to get access to credit in order to be able to facilitate what it needs and wants to do. pagaya is a very unique ai technology we have created. it is connecting to the different partners and enabling that transaction to happen. what we are actually creating is the user technology and
unlocking of that in order to bring a win-win-win situation to the customers or to the lender or the department we are dealing with and to investors behind us, we are doing our final index rolling and obviously pagaya is seeking the middle of the strong technology, enabling coordination in a heartbeat's time every day. caroline: how do you make money? gal: they're making money by selling these access and we are creating additional clients and getting a fee as part of the transaction. caroline: interesting. how much the ethics, to bear within your business? many worry about the areas within loans and credit. to ensure we are not building back. we are not extending consumer loans or home loans i know you want to get into the mortgage market. we are not doing wrong for the
credit tax -- credits. is that impacting your business or not? gal: we use technology to do all the stuff and we utilize that to unlock the power but the ones who actually get it and the ones who should not get it. that is a big difference. you determine who are the consumers and the customers you get all of that. we are actually the ones who shouldn't. obviously the stemming of the ethics is a crucial part of that in the ability to understand how to do that and in pagaya, we are an established organization from these discussions and it is effective management. we are taking that to the highest approach that we can think of. caroline: very quickly, why us back? why that exit wrote -- route? -- why a spac?
gal: we have an amazing partner, emmanuel friedman, the owner coming from a very strong financial -- it will be one of the strongest institutional investors in the space of banking and a very strong history of ability to invest in these things and then you have on the other side strong, young company, pagaya. the combination is powerful. we are building the future roads of the company more than an actual transaction and the other thing is the ability to do all the grifting and accelerate the roads of the companies and to be able to get more in the network that would enable more of those customers in a shorter period of time. caroline: thanks for your time. ceo of pagaya.
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