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tv   Bloomberg Technology  Bloomberg  April 22, 2021 5:00pm-6:00pm EDT

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emily: i'm emily chang in san francisco. welcome to a special edition of bloomberg technology. we are covering those earth day with a hard look at the challenges facing our planet and bringing you some solutions. we are speaking with the google sustainability officer, the former tesla cto who is working
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to create circular economy for electric cars and gadgets and how google uses satellite images to track climate change. we have a fascinating hour ahead. i will be speaking with the warner media ceo. he is making some of the most controversial moves and remaking hbo. this all on a day when u.s. markets fell as we learn president biden is weighing a capital gains tax as high as 43.4%. the president opening a global climate summit where the world's leaders weighed in. first, how markets finished the day. it's get to a day of how ev stocks performed with ed ludlow. ed: the main capitalist was the biden plan.
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to raise capital gains tax to be on 43%. the richest investors will be hardest hit and they may sell assets. the s&p 500 the main gauge of u.s. equities had bit higher. still the biggest drop in more than a month. it was felt quite broadly. some of the biggest points from apple, and tesla as well. the other big story, the biden and white house commission to halt greenhouse emissions by 2030. big gains in technology, power systems up by 1.3%. ev stocks with another story. there was not that much support for the ev sector despite white house commitments to accelerate the pace of adoption and invest more money into charging infrastructure. reports from consumer reports
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they were able to trick an suv into driving under autopilot without anybody in the front seat following the fatal crash. nicola, this company i have been covering for 12 months up 14% after securing a deal with a partner for hydrogen infrastructure. you go to a service station and fill up your truck with hydrogen fuel. we are watching the streamers. under pressure since netflix reported on tuesday. the worry is netflix is the poster child for the stock surge. the pain is still being felt throughout other streaming platforms. emily: thanks so much. sticking with streaming, we have
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been watching at&t's results, the parent company of warner media. hbo continues to rack up subscribers. warner media enjoying a huge run at the box office with godzilla versus kong. jason joining me now in an exclusive interview. you are launching a new ad supported version of hbo max coming in june at a lower price point. you have been making some of the most controversial moves. what gives you so much conviction this is the right strategy and how many subscribers do you think you can rack up? >> i will answer your second question first, which is i think this feeling on ott is higher than most people are talking about today. if you look at the number of people on the planet and the fact everyone loves to be moved through story, they are feeling a lot more than 700 million
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paying subscribers, which is what most people are talking about when it comes to over-the-top services. we are playing for the long game and a ceiling much higher. do your first question about conviction, we are focused on the customer. because we are focused on that, it gives us cause damage -- gives us confidence to bring movies to hbo max and theaters during this pandemic. if you start with the customer, good things tend to happen and that is why we have conviction. emily: you have well resourced and very prolific competitors. do you think you have enough content to keep up with disney and netflix? >> i do. i'm smiling because in my head, i have things like the d.c. universe of gotham and western rose from game of thrones and looney tunes. i have not even gone to hbo and
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the incredible story that team does. you're looking at a 98 year history of a company that has built up muscles in terms of people from warner bros. television documentary filmmakers at cnn and everything in between. i feel good about what we are doing and what we are able to do on the road ahead. emily: you are having a killer run at the box office in the middle of a pandemic with godzilla versus kong. then you have mortal kombat out this weekend. what are your expectations? >> hopefully for the same. with mortal kombat opening tomorrow in theaters around the world, we are super excited. the early response from those who have been fortunate to see a screening has been incredibly positive. in the u.s. market, people are going to be able to start to see it on theaters and on hbo max. if you spend any time on social media, it is electric in terms of all the trailers and
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excitement. i am giddy because i know the next 24 hours are going to be fun. emily: you took a lot of heat for deciding to simultaneously release movies in theaters and on hbo max. i am curious if you feel vindicated in what your relationship with -- and what your relationship is with studio execs in hollywood. >> it is a fair question. i am one of six kids. i have taken a lot of shots growing up. the response we received in terms of what was seen as a controversial decision to bring movies to hbo max and theaters at the same time was one of those things where we anticipated it would be those folks who wanted to share their strong opinions on it. change is hard. we did have conviction in that decision because it was one that had a unique set of circumstances with the pandemic
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and it started and ended with the fan. we do feel good about the decision. we are not taking any victory lap's because this is a very long adventure we are on and it is going to be measured in decades. you are right that it seems like the industry has come around to where we were last fall and that is nice to see. it does not define us, but it is nice to see. emily: let's talk about the 2022 strategy. it sounds like you're going to release big movies just in theaters but how many and how big? >> we are going to invest in more motion pictures then we have historically. warner bros., which is a broad and deep bench of incredible executives and work with the finest storytellers in the world, they are going to be investing and telling more stories through motion pictures. there will be a portion that will go directly to hbo max and they will be made available to exhibitors around the world like
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you see this year. there will also be a set of motion pictures, think of the d.c. titles. fantastic beasts and where to find them. they will have an exclusive run, albeit a shorter run and then they will show up on hbo max. warner bros. is going to be busier than they have before. you will see two types of distribution strategies for those pictures. emily: the streaming war is a global one. talk to us about the international rollout of hbo max. has it been a challenge to negotiate with so many different parties in somebody different countries around the world? >> it has not necessarily been hard on that level. there have been a lot of challenges because he want to make sure you are being thoughtful in every market. you want to produce stories for a given audience. we have been doing that for decades. we are leaning into that. there is technology involved in
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terms of specific payment processes. we are really excited and we have been hard at work on this. we are in one market today. in a couple of months, we are going to be in an additional 39. we will be in 40 countries by the end of june and there is another 21 coming in the second half of the year. we are excited about becoming a global service. emily: so good to have you on bloomberg technology. we'll be watching the debut of mortal kombat this weekend. keep an eye on your strategy. ceo of warner media. thank you. coming up, we are going to take you on a journey to show you what happens to your electric car and its batteries when you are done with it and one company giving them new life. later, he has 24 point 9 million followers on tiktok, 2 million views per video. we are going to talk to josh richards about his fame on the
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platform, life beyond social media and why he is getting into investing as we continue our tiktok series. as we had to break, enjoying my very first tiktok when it was musically. i have not seen this in years. me and alex. this is bloomberg. ♪
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emily: president biden invited 40 world leaders to the white house in order to underscore the urgency and economic benefits of stronger climate action. as global co2 emissions continue to rise, climate change is pressing companies of all signs
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-- of all kinds and especially carmakers to do more. corporations like tesla are on a raise to develop more efficient batteries. as batteries replace engines, concerns are rising about the negative impact poorly recycled batteries have on our environment. redwood materials is a company focused on the recycling of lithium ion batteries and is looking to tackle these problems. the company was started by tesla's first technology officer and cofounder and sell an opportunity to give batteries and other life. his company recycles the cobalt, lithium and other ingredients that can be recycled endlessly. with me to discuss the process
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is he himself. it is not so simple, is it? >> they definitely are doing their part. it is important we consider the full lifecycle including the end of life to make the car. emily: talk to us about why -- what happens when the batteries need to be disposed of and why the process you are tackling is so important. >> the materials that go into the battery and the battery itself is the biggest single component in an electric car. it gives it its performance and range. it also carries a lot of the embedded emissions. creates a bit of a challenge at end of life. it has to be disposed of properly. what we do is work on inventing
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the right waves using chemistry and different chemical engineering processes to take apart the battery at end of life when it cannot have any more functional use and as quickly as possible, efficiently as possible, get the metals and critical materials back into the manufacturing supply chain so we can offset new materials being mined. emily: talk to us how the process of recycling a battery works. >> the first step is getting it to us and getting it to the facility to do this. which can be a bit of a challenge when the batteries are smaller or if it is a cell phone or consumer battery. much like people have in a pile in their drawer somewhere at home. we work with different shipping technologies and methods to aggregate and move those batteries to us. we understand how to group
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different chemistries. that can be a bit challenging. there are some interesting automated sorting technology. the next step is using that chemistry, the chemistry differences between those critical metals has set -- to separate the lithium and cobalt so we can create building blocks to begin remanufacturing new batteries. emily: what about the critics who say it takes nonrenewable power to power these recycling plants? >> it is important in any case to look at how a process is powered and what its impact is. we have taken a careful view on this. in every way we look at it, it is far more sustainable to recycle an old battery and recover that into new materials versus mining them from
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brand-new materials from the earth. we have lower in missions and lower energy input. we are avoiding the disposal problem of the end of life. it is almost two wins in one. we offset the impact of new materials and was of the disposal problem of the battery itself to -- and we solve the disposal problem of the battery itself. emily: what would you like to see from the biden administration in terms of a policy to encourage more carmakers and consumer-electronics makers to recycle? do you think it should be a requirement? >> i think ultimately it should be. i think it will be a requirement to recycle old ev batteries. i also think it would be helpful to start putting a framework around how we think about the energy and emissions that go
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into these batteries. it is a key part of recycling because when you recycle the materials and reuse them, we are able to increase the recycled content percent of the battery. it is a familiar concept for paper and plastic, but it applies similarly to a battery. the goal of a product like an electric vehicle to reduce emissions and cause a positive shift on climate change. it is important how that product is made and to make sure not only the energy that charges it let the energy that makes it and the materials that make it our all done as sustainably as possible. emily: fascinating what you are working on. cofounder and ceo of redwood materials. coming up, google has 24 million satellite images of the globe
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taken over the last 37 years. the images offer a photographic record of the realities of climate change. more next as our earth day coverage continues. this is bloomberg. ♪
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emily: google has covered a lot of ground. the global search engine very dependent on data storage, operates data centers all of the world. this does not come without a price. data centers consume a lot of energy. google has become the first major company to become carbon neutral. i spoke with the sustainability officer about how the company will maintain this commitment and what they are doing to work
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towards being carbon free. >> data centers are very much at the heart and soul of googles operations of the operation of the internet itself. we operate data centers all over the world that make products be at gmail, youtube, your google cloud. they make all of these products possible. data centers do require a lot of energy to operate. that is why we have been committed to operating a carbon neutral company since 2007. emily: last year, google offset its entire historical carbon footprint dating back to 1998. how did you do that? >> that is exactly right. our approach to carbon neutrality has been threefold. we want to be as energy efficient as possible. using google's own ai technology to do that. we are committed to matching when it a percent of electricity
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with renewable energy. last year as a part of an announcement, our ceo -- we shared we went all the way back to 1998 and we -- and neutralized our carbon footprint. this is only just the beginning. we made -- we need an even bigger commitment. emily: google is known for merge shots. your latest one is to get to carbon free energy by 2030. how likely is it you can get there? >> carbon free 2030 is our new moon shot. we are trying to move from today's strategy of what we would call compensate and remove carbon to an absolute zero where our operations are running 24 hours a day seven days a week on clean energy. every time you send a gmail, every time you watch a youtube
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video, that is supplied by clean energy every hour of every day. we are excited to share on our earth day five of our data centers around the world in denmark, finland, oklahoma and oregon are operating at 95% plus carbon free energy. emily: google has multiple products that more than a billion people use. you announced eco-friendly routes on google maps. a huge update to google earth called time-lapse. what is next? emily: we are soap -- >> we are so privileged we have multiple products over a billion people use every day. as part of this third decade, we have made a commitment we want to enable a billion people to take new action by 2022 through our products. this was one of the most exciting pieces of news on this front. we shared a few weeks ago in the
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u.s., google maps is going to default to the lowest carbon emission footprint route. it will have roughly the same eta. you also mentioned google earth time-lapse. this is an incredible tool we just launched a refresh of. we have 24 million satellite images the last 37 years. you can see how have -- how has the surface of the earth changed over time? we know these poignant images have played a critical role in the environmental movement. we think about earth rise. we see time-lapse as playing that same role giving people a visible understanding of our planet, the impact it has had but also hope. not only are we seeing glaciers drying up. we are seeing forests being protected. these are examples of the direction we are heading.
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emily: google's sustainability officer. you can catch the full interview at bloomberg.com. coming up, josh richards is one of the highest paid tiktok content creators, now turned venture capitalist. ♪
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emily: welcome back to "bloomberg technology." want to give you a quick update on the markets. >> that capital gains sorry is what has been weighing on the broader benchmarks. tech is the one that really got hit hard. if you take a look at this new york faang index, the index of houses seeing some gains as well as semiconductors. of course, relative to the s&p 500, only down just china of one person. you can see that pain in big tech and nasdaq volatility up as
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well. big tech the main losers in the story. i want to show you some of those individual movers. snapchat actually down 2.1%. you saw snapchat report stronger user growth numbers, stronger sales as well. snapchat took a massive hit, twitter took a massive hit, but twitter, which usually trades in line with, not as much of a big loss. let me show you the other pieces of the tech universe. of course, we saw the chinese adr -- alibaba, baidu in that index -- that is in the green, isolated from the domestic tech story.
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lastly, the small caps also isolated. this is really a big market cap story. small caps a little bit more protected in that scenario. emily: thanks for walking us through all that. appreciate it. tiktok definitely benefited from a global lockdown, with so many of us looking for windows into the outside world, but remember, it was already a household name before the pandemic and is now really the social network and voice of jen z -- of gen z. one beneficiaries josh richards. each of his videos gets an average of 2 million views. he is among the top three content creators on the platform , which has gotten him some sponsorship deals and even some of his own new entrepreneurship endeavors. josh along with other content
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creators partnered with marshall sandman to launch the first gen z-focused venture capital fund. it will focus on consumer technology as well as health and wellness. so great to have you. i producer is giddy in the control room that you are here with us today. marshall, i want to start with you. you started your career as a goldman analyst. why decide to focus exclusively on gen z? how big do you think this opportunity is, and are other investors missing this? marshall: it is monumental. first of all, thank you for having us. josh and i are so glad to be here. it is monumental. for me to have the opportunity to partner with someone -- with folks like josh and noah and michael on this -- it is a
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completely unique opportunity. the market is not 100% untapped, but it is 100% untapped from folks like him who are not just sitting with their fingers on the pulse of gen z, but are the pulse of gen z, to affect outcomes, improve lives of these founders, to connect them in a thoughtful, organic way with consumers. to drive the outcome is awesome, and something that is a completely fantastic career opportunity for me. i'm just glad that we got along so well, that it took off like a gun. it was fantastic. emily: josh, you are just 19 years old, 25 million followers on tiktok, 7.4 million on instagram. how do you grow that following? josh: ever since i started doing social media -- i in a
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competitive person my whole life, and i started early on deciding that whatever i'm going to do, i'm going to be the best at it. when i started, i decided i was going to get 10 million -- 10,000 followers by the end of the summer. i hired my sister. i think just looking for white spaces in the social media, and that was livestreaming in 2016 when i first started. it allowed me to realize what i needed to do and just move forward with it. emily: so many people, most older than josh, don't understand this new world, don't understand what the opportunity is. by having folks like him at the founder level, how are they influencing decisions you are making, where you are placing your bets, where you think the next hot thing will actually be? marshall: i think this is the first thing to point out -- you
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don't have a lot of creators like josh who are not just so enterprising, but are this hard-working in order to capitalize on opportunities. in terms of answering your question, i think we have a real opportunity to affect outcomes here. josh and i talk about this all the time, but for me, i'm getting in, doing the fundamentals, bottoms up, top-down analysis of these businesses, thinking about the total market, thinking about margin expansion, etc. when it comes time for us to do meetings, there has to be a sexiness to it. there has to be something about that product or service in what oftentimes is a crowded space, for us to want to believe in them, for us to want to go to war with them and to drive their business across not just josh and griffin and noah's audience,
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but across the entire demographic, groups of folks across the country. emily: there are so many young people out there who want to know how you did it, who want to do what you do, going from some viral videos to sponsorship deals and podcasts and become an operating partner at eight d.c. firm. walk us through how you made that happen. -- become an operating partner out of deep -- become an operating partner at a d.c. firm. josh: i made it part of my ability to adapt. i have tried to lead the way for set a path so they don't have to be told what they can and cannot do. i think a lot of the times, we are labeled as social media kids, and that is all we can be, and i'm trying to prove everyone
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wrong. more than anything, i'm just trying to be a voice to the social media creators in the world that have aspirations to be more than just a face on the screen. emily: clearly, the audience that josh and other stars have built is massive, but there's always something bright and shiny around the corner. do you worry at all about this kind of fame being fleeting? do you worry about the next tiktok? marshall: i would be remiss to say we did not talk about it. i'm not super worried that it is right around the corner for tomorrow. it is exactly what josh said. it is d stigmatizing -- des tigmatizing. it could be social media creators that want to consult for folks. yes, i think sometimes social media fame is fleeting, but when you do it, josh and i are doing
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it with a small and hopefully growing enterprise, but putting tent poles underneath creators to create real structure, we will not just be relevant in josh's late teens and 20's, but we will be relevant in our third, fourth, and fifth funds by continuing to work with younger and talented creators. emily: how do you plan to keep growing your audience, knowing that there are so many folks out there competing for our time? how do you get new followers? how do you continue to build the following you have? josh: i really pride myself on doing things nobody else is doing. even doing interviews on bloomberg is something a lot of people would not expect a social media creator to do or be able to do. that is how i continue to grow, how i stay in front of people's
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eyes. every day or every month come out with something that is going to make people go, "how?" you know what i'm saying? as long as i keep making people stay on their toes wondering what josh is going to do next, i'm always going to be relevant. emily: thanks for keeping it pg for us, josh. josh: of course. emily: do you think you need to go to college? what is your long-term plan? josh: i think when we talk about the longer-term generation, i don't think the college road is for everyone. i think that is more acceptable, too, in today's world. i look back to when i was 12 or 13 and creating small businesses and companies in my basement, my
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parents still had the aspiration that i was going to go to college and be a lawyer or whatever i decided to be, but as time moved on, i mean, my parents were first to realize this kit does not need to go to college. this kid will be very successful in the venture he continues to go down and try, so not only am i hoping to break stigmas in the social media world, but in everyday lives, i think there's a lot of paths out there that students can go right out of high school and cofounded a company, so are hope -- i hope i am able to put that before a lot of people. emily: really fascinating work you are doing, josh richards and marshall salmon. thanks so much for stopping by. just a reminder, you can check out our "bloomberg tech" podcast
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on apple, spotify, bloomberg, and wherever you got your podcasts. coming up, and tell out with first-quarter quarter results. -- intel out with first quarter results, and it is not a rosy picture. we break down the numbers next. this is bloomberg. ♪
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emily: s.a.p.'s cloud unit had a blowout quarter, bringing more customers to a newer suite of products. this as the private tech company embarks on a turnaround plan to ramp up competition with its rivals. shares hit a six-month high after the german company
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confirmed first-quarter preliminary results in its 2021 outlook, showing companies are beginning to pick up spending after pandemic cutbacks. i caught up with the ceo to get his forecast. >> we are forecasting the pickup accelerates. there will be more supplies to come in the next month. i expect we are actually almost back to normal. what we see in q1 but also in our plan, the business is accelerating, so we are confident about here -- year two. emily: catch that full interview online. shares of intel falling after hours after the world's biggest chipmaker reported allingham data center sales -- reported falling data center sales.
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ed ludlow joins us now. walk us through the numbers. ed: it is really pain in the data center business. revenue fell 20% from the same period last year. the issue is this is the center of profits. when you see revenue come down, it impacts the overall margin. growth margin coming in at around 52%. intel is used to margins of 60%, so that is a significant decline, but there were some bright spots as well. you know when we talk about semiconductors, it is always very qualitative, but you and i remember it is very intel inspired. pc demand and laptop demand remained strong and robust, and intel's outlook is pretty strong. it sees revenue growth, although profit might slightly shrink in the second quarter. there is the ongoing global tech shortage. there's obviously supply constraints intel is working
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through with customers. then there's the foundry business. the actual manufacturing of semiconductor business is dominated by two names, but intel is putting its money where its mouth is, and it's got some fighting talk. the ceo saying to analysts on the call, "we are here to win. we are going to be very competitive on our approach to market share, and we are going to gain market share." he says the company has lined up 15 new customers, and that's at a time when companies like apple are designing their own chips and looking for companies to manufacture for them. i know you will be speaking to the ceo tomorrow. emily: absolutely, i will be speaking with intel's new ceo. you don't want to miss that conversation. as global temperatures careen past critical levels, the u.s.
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and china are locked in a geopolitical and economic deathmatch, having set parallel and equally ambitious goals. bloomberg looks at it climate change will turn the world's biggest economies into unlikely allies or if there will be yet another conflict. >> china has an ambitious goal -- while it currently accounts for 1/3 of global emissions, president xi has pledged china will be carbon neutral by 2060 by boosting nonfossil fuel sources and green tech, from reducing pollution and pushing to "electrify everything," while hooking more indices up to clean energy. president joe biden is planning to beat china by a decade. he wants an image type and free electric grid in 15 years.
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china has a record of deals with the united states. while john kerry initially took a swipe at beijing's plan, he says he hopes the u.s. can work with china. parallel policies and key personnel could open up a new front of cooperation between the economic giants, but chinese diplomats have warned that working together will depend on biden's stance on issues including trade, hong kong, and taiwan. >> those issues will never be traded for anything that has to do with climate. that's not going to happen. >> besides the diplomatic balancing act, the countries are finding their own journey to net zero problematic. china acknowledges it will be an uphill battle. china's total coal use is still rising, and it needs to balance economic goals with training in pollution while in the united states, biden may be forced to compromise on economic leaps.
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if the economy's clash for collaborate, one thing is certain -- zeroing out emissions is a key aspiration for both -- if the economies clash or collaborate, one thing is certain. emily: we will speak to the ceo of a bitcoin mining firm on the environmental impact of the operation and if it can be good for our planet. our earth day special coverage continues. as we had to break, want to take a look at it going falling -- bitcoin falling to the $52,000 range. more on that next. this is bloomberg. ♪
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emily: bitcoin mining is often decried as an energy hog, but
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new research has been found to debunk that myth. tesla agrees that it could actually be good for the planet, despite its use of so much power . it uses 66 times more electricity than in 2016. joining us now to talk about that debate, the cofounder at general assets which aims to build the world's largest and most profitable mining operation by 2025. i spoke to bill gates when he made the comment that he was concerned how much energy bitcoin mining is consuming. what is your reaction to the folks who say this is not good for the planet back on >> on that matter, i think there is one very important thing to understand when it comes to the
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environmental energy and consumption, and that basically is it is true bitcoin miners are consuming a lot of energy. we are globally around 9% or 10% of energy consumption, but what is far more important is what that actually really means and where this is going. i think the most important is that we are fortunate that on this planet, renewable energy sources are among the if not the most economically lowest cost sources of energy. minors -- miners will always go where they have lowest cost of power, and the good thing on mining is the miners do not have
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to be close to a civilization. they can be far out somewhere. they can be in alaska, iceland, in the north of europe, and that actually creates momentum which actually contributes in a beneficial way to the renewables industry and really, yeah, supports the industry itself by miners moving to sources of cheap renewable power. emily: i know some of your servers are in iceland. what kind of coins are you mining now and why? >> we are eight years in this industry, and we are fully focused on bitcoin mining.
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we actually think this is a very important component of all of that, to basically power bitcoin, the open-source monetary system. that puts a lot of responsibility on us, as we are one of the largest players. emily: certainly fascinating work that you are doing. we will have you back to talk about this more another time and how you are working to make your operations sustainable. that does it for this earth day edition of "bloomberg technology." tomorrow, i will be speaking with intel's ceo at 11:00 a.m. eastern time. thanks for joining us. i'm emily chang. this is bloomberg. ♪
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♪ tom: good morning and -- paul: good morning and welcome to "daybreak australia." shery: good evening from bloomberg world headquarters in new york. paul: u.s. stocks slide after bloomberg reports president biden may be planning to lift capital gains tax for the rich. the proposal could reverse some long-standing provisions

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