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tv   Bloomberg Technology  Bloomberg  April 23, 2021 5:00pm-6:00pm EDT

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♪ >> this is "bloomberg technology." u.s. stocks climb on strong economic data ahead of big tech earnings next week, tesla, apple, facebook, twitter and amazon. plus, hyper local media ceo byron allen innovating streaming
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with two platforms, betting big on local news and he will join me to talk about that and more. it is the final day and a one-week series of the founding and phenomena of tiktok. the platform says it is continued to -- committed to diversity. those stories in a moment, first markets. how the week ended. >> a choppy week for tack. -- technology, and you can see it on a five day chart of nasdaq, whipsaw but ending in the red. i will slip the boards to show you the etf impact. you saw a lot of positioning ahead of tech earnings and this is the biggest outflow out of the etf going all the way back to 2000 on a five day timeframe. this is going to be ahead of a slew of tech earnings and further than tech earnings, flip
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the boards one more time and we have $18 trillion worth of companies reporting this week, not just tech but a lot of volatility in the week coming up. >> let's go intel, down 5%, and let's flip the board. the biggest weekly decline since october, investors word. fighting talk from the ceo of intel we will hear from later in the show. panasonic, the household electronics name, shares down 3.5% in japan trading friday. it is buying an ai company called blue yonder, that uses artificial intelligence to predict how much a product will be in demand. a useful tool to have but investors were concerned about the $7 billion price tag panasonic is willing to pay for the company.
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the final board to look at, big names moving in the tech space friday. apple up 2%, according to sources, in partnership with walgreens. social media on the move, google at record highs after analysts stepped back and became less worried about updates to ios from apple and privacy and add tracking measures with the update, more sanguine tone from the street ahead of the release next week. emily: ed, kriti, they queue. the white -- thank you. the white house wrapped up its climate summit, with interest and eight border tax which would slap a levite latched levy -- and a border tax,, which would slap a levy if companies -- or countries have lower standards. >> we had folks who are ceos of
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companies and folks involved in labor. altogether supporting the notion that there are an unbelievable number of jobs to be created in this transition. look at the transition now to electric vehicles. the highest valued automobile company in the world i think still is tesla. it makes one product, electric vehicles. it is the future and people are betting on that and they understand that. i see all the other companies beginning to chase it, mercedes, volkswagen, ford, gm. gm announced by 2035 they will not make any other car other than an electric car. that is the future. the countries that get their first will have market share, you grab the early market share and you have something that could last if you are smart for a long time. i think the president wants to make sure america is grabbing
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its share of the new technologies of the innovations, and of this future. it is not unlike other transitions we have been through. go back to the 1990's, when we had computer technology, online. we had portable telephones, it was a big market, and a lot of people got rich. this is seven times the size of that market and it is going to feel remarkable increase in different products, and and work , that needs to be done, to make this transition. the building of an american grid. laying the transmission lines, that is work for all kinds of different disciplines, within our economy. i think the reason the banks and asset managers are pledging to net zero, is because they know this is an area where the demand is going to be there, and they believe they're going to be able
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to invest and make money. >> mr. secretary, you have been a listing not help of governments but the private sector, and what needs to be done. are there things the government can do to encourage the carbon sector -- the private sector? i will mention a carbon price, contacts, or border adjustment tax. should we be taking approaches like that? >> there are a lot of advocates in the united states congress for pricing carbon in different ways and different thoughts about how to do it. president biden i know is interested in evaluating the border adjustment mechanism and he wants to look at. to see whether this is something we need to deploy. europe is looking at that in depth already, and may wind up deploying it, if they do not get satisfaction from china and other countries, with respect to the transition off of coal, and their effort to do their part in reducing emissions.
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there is in the negotiations on climate, david, a concept called, and but differentiated responsibility. because the more developed countries were ahead of everybody else in the developing nations needed room to move, there was the notion that well, there's a common responsibility to deal with climate, but differentiated response. that is increasingly, i think, disappearing, in the sense that the new technologies allow other countries to leapfrog and go directly to some of the new technology and deploy it. but they need finance and help to do that. emily: john kerry with david westin, u.s. special presidential on foot for climate.
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-- presidential envoy for climate. coming up, we talk with media mogul byron allen about the future of streaming and diversity in hollywood, ahead of the oscars. this is bloomberg. ♪
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emily: the pandemic was fueled to the fire for streaming, companies like netflix, disney, paramount, some winners over the last year. as vaccines roll out, viewers stay in with popcorn? netflix results this week showed week subscriber growth and stock
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plumbing -- plummeting, as investors question the post panama future of streaming. on the -- post pandemic future of streaming. on the other hand, warner media, the ceo into the size of the streaming market could be in the billions. >> i think the ceiling on ott is higher than people are talking about today. if you look at the number of people in the planet and the stock everyone -- and that everyone loves to be moved through story, there are a lot of more than 100 million paying subscribers which is what a lot of people are talking about it comes to over-the-top services. so we are playing for the long game and a ceiling higher than that. emily: the founder, chair and ceo of allen media, byron allen, is looking forward to the ceiling rising in the streaming space. we will talk about your bets in a moment, but when you think about the market, do you think we could get to one billion
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subscribers or more? >> i think we are chasing 4 billion connected devices around the world. we are looking at it from a global basis. when you think about the number of folks who have connected devices, it is much bigger than one billion. we will get past a sweat. emily: but you are not concerned about netflix'latest results, what does that tell you, subscriber growth was not what people thought it would be? >> they still did very well. it may not be what they thought it would be. but anybody would say -- anybody would take 4 million new subscribers per quarter. there a behemoth. we are in our infancy. the industrial revolution was filled by gas and oil and 100 years later it is the digital revolution. what fields that was content, content, content. content is the new oil and we
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cannot produce it fast enough and cannot put it on devices fast enough. the appetite is insatiable for content. it is growing at a rate people have never seen anything grow at. in avot, advertising video-on-demand. i do believe subscription video on demand is challenging bc do have disney, amazon, hulu, netflix. we are firm believers and everyone's favorite word, free, free and more free. [laughter] emily: you have to add supported platforms. and the newest call, local now, focused on local news. it offers 300 channels. local news has been dying a slow death. i think we all realize the gap left in the middle of the pandemic, wanting to know what is going on in our communities. what makes you think as we go back to normal people will want
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another streaming network, focused on local news? >> i think it is a great question. real simple. when i bought the weather channel three years ago, i got a gift from the digital gods. they said to me and new owners presentation, at the end of the day, and a kind of throwaway. they said by the way, you own something that is the equivalent of a fully distributive broadcast network, that uses proprietary software, artificial intelligence, to aggregate, produce, and curate from multiple sources, local news, weather, sports and traffic. geo fenced to the end user zip code. i said, wow, that is genius. they said yes, you will probably want to shut it down because it is losing $25 million per year. and i said, absolutely not. there is no way i would shut it
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down. i said, i want to reposition the asset. i have invested personally 100 million dollars of my capital to reposition it. they were trying to do it by getting people to pay per month and i think that is challenging. i said i will make it advertising video-on-demand and at free movies, tv shows, documentaries, and provide local news. because super hyper local information is essential and absolutely essential. people want to know what is going on with covid-19. more important late they want to know what is going on with covid-19 in their zip code -- more importantly, they want to know what is going on with covid-19 in their zip code. emily: they also want to know the weather, your other streaming platform. how much engagement are you seeing? how many viewers are there? >> on local now, it has been in
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beta for three years, but without any promotion, we achieved 5.8 million monthly active users. i am now about to spend capital to promote local now. we are on all platforms and people can download it in 15 seconds and authenticated from their zip code. there is one thing you will need, local news and information. as far as pattern, that is a platform focused on climate change, global warming. what we have to do as human citizens, to stop climate change and get people to understand what that means. there are so many things people are not connecting the dots, simply moving species and animals out of their natural hair -- habitat closer to the human food chain, how that will trigger epidemic pandemics, food shortages, water shortage, you name it.
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it will create climate refugees and have people trying to cross borders. that will trigger genocides. we have real issues with climate change. when i bought the weather channel three years ago, i asked my scientists to come to a room and talk to me and i asked by show of hands please tell me if climate change and global warming is a real threat to human beings, if this is the greatest threat we have now and this is a serious pattern, telling? -- tell me? everyone raised their hands and said without exception climate change and global warming are the biggest threat we are facing as human beings and i said from this moment on we are going to talk about it. and we are going to do the weather channel in spanish because i want to make sure people who do not speak in goes have access to this lifesaving information. emily: it is a serious matter, indeed, byron.
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always too have you here, byron allen, founder, chair and ceo of allen media group. coming up, i will speak with the ceo of intel, next. ♪
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emily: intel's latest results in sermons. -- latest results stoking concerned. i spoke with the ceo earlier for his response. >> right now disappointed to see the market down in us and usually when you be by $1 billion and raise the air by half $1 billion i would are specked a better response from markets on that. we understand some concerns around data center, and where we are. we had a blowout last year in
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data center in the first part, so it is tough to compare. and we were ahead of where we thought we would be on data center and just rolled out major new products in that area. also we are starting to move into error 10 nanometer and seven nanometer, exciting because it means we are getting more competitive. back in our front foot with manufacturing capabilities, but it does ring cost into the business as we bring up those new technologies. out story is a different one and we are leaning in and executing and feel good about our future. emily: you explained the drop in data center revenue as an inventory correction and you said it was temporary, but investors are concerned about long-term lost market share. is market share gone for good and who fills that gap? >> we just lost a major new product -- we just launched a major new product, 50% performance inc -- performance
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improvement and care is like ai where we are up 70% performance improvement. the ramp up to that with customers is going very well. enterprises are starting to come back to life and good growth in the government sector. and in cloud, where we were building outcome would be start to see them leaning into the business. we feel this was the bottom and we are wrapping up this year and see the signs this will be the case but we will fight for market share. we will be aggressive and are bringing in software and platform, a new silicate assets into the marketplace. we are going to be quite aggressive in holding and winning back market share in this critical business for us. intel is back and going to be very competitive going forward. emily: you mentioned any back market share. we heard tim cook touting apples and one chips in their mac and ipad. i spoke with an executive he says they want to see their
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chips in kindle, servers and alexa. since you unveiled your foundry ambitions, what indication do you have that customers like that will come back? they are also competing with your designs. >>. >> an overall with our integrative design and manufacturing strategy, we will be producing our chips and be a foundry for other people's chips. the response to that has been tremendous from the industry. i point to the fact that today, there's so much concentration and few suppliers, mostly in asia. the world needs motor -- needs a more balanced supply chain in europe and the u.s.. we need manufacturing here done by u.s. companies and we are stepping into that in a big way. we announce two new fabs in arizona, a $20 billion investment and we have 50 customers in the pipeline working with us, taking advantage of these new foundry
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service capabilities. a great response. many of the customers and a few you mentioned in your list, they're looking at saying, i cannot use intel's -- i can now use the intel project -- intel product and combined it with mind to come up with better hybrid solutions to meet costs and needs for the future. this is a chance for us to engage with the largest cloud manufacturers and largest tech companies in the world, and give them new opportunities to innovate, with u.s.-based manufacturing. to innovate with intel-based ip. and bring their own capabilities to the market. so far the response is very encouraging to those new cap abilities. -- those new capabilities. emily: historically intel had margins of 60% which reflected the strength of product and manufacturing, do you think you can back to that and went? -- and when?
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>> this is an investment cycle with factories wrapping up and we are putting more toward engineering and sink engineering teams wanting to come back to intel to bring us back but we expect over time we get to industry relevant margins in the foundry business and we will be competitive with leadership technologies. it is a good business area. as our products get back to leadership and unquestioned in every category, leadership product produce leadership margins. so we do view this as a cycle and will be getting back to the margins, leadership, and competitiveness of the industry that it has grown to expect from this great, iconic company, intel. emily: you talk about supply constraints and we have talked about the chip shortage. to have new insight on how that
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will let up and how? >> to build new factories you do not turn them on overnight. we had the perfect storm where demand was starting to accelerate and covet caught demand to go -- covid caused demand to go off the charts and supply chains got disrupted so supply diminished. that gap is large and i think it is a couple of years until we get back to a more reasonable supply and demand. we are investing as well as others in the industry, to build up more manufacturing capabilities. but this is a couple of years until we see things get to where they need to be. we have seen very good response from the administration and what they're looking for, american competitiveness in the manufacturing area, so we are pleased with the biden jobs plan for research, broadband and manufacturing and semiconductor investment. this will help us go faster and bigger in the industry. but shortages will last for a. dutch for a while.
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-- shortages will last for a while. emily: you can catch the full interview at bloomberg.com. on tiktok not every content creator is treated equally and we will talk about diversity challenges plaguing the platform, next. this is bloomberg. ♪ want your workout to be easier, more effective,
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emily: welcome back to "bloomberg technology." as we round out the week, our tiktok series, to leave you with the least -- the latest but not the least of tiktok's challenges. white artists appropriating the work of black artists and getting credit for. let's take a look at black content creators talking about their expenses in this rapidly growing industry -- their experiences in this rapidly growing industry. >> as a content creator seeing
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things we can do for an artist or company, and to pay, for our artistic creations it was a slap in the face. >> going live now. you know it is content i made and 70 random took it and got more credit. >> racism is not exclusive to a certain field. when you have new fields like influencer industry, it will make its way in there, too. >> i have been in influencer for a year. i am known for choreography. i created a viral dance to one of making this talents -- a bile dance to one of megan thee stallion's songs. >> i noticed pay gaps in the industry. when i was online i do not get any branded deals. i was one of the top creators on the app. unlike creators who are not a
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person of color who do not have as much activity as me or as many followers as me. but still there working with big brands. >> there are other influencers and i come to find out they may double what i was making, and one had less followers than me. and to think about what i was originally offered, what they offer him? >> i created a dance for record company and they paid me bottom line, $700 compared to other rates and they got higher pay compared to what they offer me to create the dance. ♪ >> what is crazy, we start all the trends. another influencer, white influencer, hops on, and it blows up, and they credit this white girl for something a black girl created. >> if a bigger, white account, repost your dance without taking
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you, nine times out of 10, you are going to see the content without your name and ebony knows you created it. >> people take advantage of black creative's and it is fun and then someone else profits off of something a black crater started. >> the way i have changed my content varies. certain things i cannot wear, certain things i cannot speak of comedy because i know it will be shadow and -- banned. having to push 10 times harder, full hair, full makeup, and whenever percent clamp to get to that point of viral -- glam, to get to the point of viral. >> creatively i can think of a good idea but in the back of my head, can i post this? because it uses the n-word or a brand would not look at my way because i made them feel uncomfortable when i'm speaking to my audience. my audience understands the way i communicate with them. >> i use a lot of profanity but always see other influencers and
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white influencers and that is raunchy comedy. when i use it it is looked at in a different light. look at this squeaky clean er and fake optimism and i did not want to make anyone uncomfortable a chance to lose out on the branded deal. >> it is a problem being ourselves. >> black lives matter 2020 shows the true colors of companies in the industry in general. >> black talent managers are getting more than black creators. >> getting brand deals when every thing is going on. >> and on social media it was more prominent for them to make it seem like they did care about black lives, when in general before the pandemic, no one really batted an eye at it. >> i appreciate brands working with black creators and starting to go in that direction. but was that a trend they wanted to work with more black creators because they felt guilty? >> i just hope it continues. >> it makes it seem as if black
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people are getting used at the power of someone else's financial gain. >> what i hope to see change in the industry is, the black creative's get the credit we deserve. >> i hope to see genuine appreciation for black creators, not just when it is convenient. emily: let's talk about this more and i want to bring in landon mosque you saw and that story, chief marketing officer, and influencer management and social media company. thank you for sharing what you did in the story. i want to take a step back and talk about how you started to grow your falling on tiktok? you have 600,000 followers. when did you realize there could be potential to put out short form video and make money on the? -- on them? >> i started offline in 2013,
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the godfather of this social media influencer era. when i was on, there was not a term for it, just random kids in their basements making videos. nobody thought of it as a potential way to make money. it wasn't until down the road or someone said can i offer you to promote my brand? the we'll start to turn and you realize this could be something where i can make a living off of it. emily: karen, you worked at vine which got bought by twitter. you realize because you could see what a lot of creators were experiencing. you realized there was an inequality issue, tell us what you noticed? >> exactly. i explained the strategy to find creators and walked them through how the cast negotiated for the million dollar per episode
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paycheck together because you are stronger with numbers. i put a number of i am creators in adm group and said, you should draw up offers you receive from brads here and then you can -- brands here and made you can negotiate and reach higher revenue together. what i should have seen coming but did not was an average day in the group would be a white male crater coming in a sing i have an offer from a beer comedy for $10,000 for a post. that a white female creator with it that is odd, i got the same offer about for $5,000. and we have the same amount of followers. that a black male creator would say i got the same offer for $1000. what was tragic to see was there are few black female creators in the ecosystem at all. my hypothesis about that is, because a black woman will try and create the opportunity for herself to be an influencer. but is hit with a double whammy
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of racism and misogynistic comments in her internet posts. i think a lot of black women are literally bullied off the platforms altogether. emily: while -- wow. landon, talk to us about your experience with some of these differences? your brand deals and sponsorships? the differences in opportunities you are seeing? it can be hard to see the differences because you do not know what other people are being offered. but to your knowledge, what are you experiencing that might not be there? >> the one i remember is, i was on a campaign for this game. i remember they offered me like, $2000. so i am like, yeah, that is good money to post a video. my manager who is my best friend
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said less throughout a number. we said $10,000 and they said yes, that is fine. that is the first time where i was like, there was no pushback. it was a most like, we knew we had that much. i later found out the other influencers on the campaign made double what i. was making. one had less followers than me and less engagement than me as well. so it was weird to me there had been that difference in pay. emily: karen, this is not a problem unique to tiktok, and we are talking about hundreds of years of problems here. what can be done? what are you doing in your industry, working with different folks and across platforms, to make change? what choices does a guy like landon have here? >> you are so right it is not a new problem.
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the influencer industry is rapidly growing and power and profit. unfortunately, we are following in the footsteps set up in many other industries. in this industry we are facing not just the societal systemic racism, but algorithmic racism. black creators and other creators from traditionally marginalized groups are facing a number of hurdles to be seen by brands, to be discovered, and hired by brands. as landon mentioned, sometimes when you're having a good day, as a black creator, and you have been reached out to buy a brand to be hired, it feels like a great day for you because you been offered $10,000. what you are not aware of because you do not have a full transparency over the industry, as a standard market rate for that brand may be asking you to do is actually already thousand dollars. -- is actually $30,000. but if you have not been part of a pipeline to the influencer
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industry set up with connections to proper representatives and connecting to two brands who under 10 -- you understand they need to pay equitably, at the end of the date you're making $10,000 in the may for like a great day but what you are not seeing is the other creators on the same campaign making $10,000, 20,000 dollars, more than you are. so what we are doing -- you asked what we are doing to stop this. one thing we have done is, produced the first house for influencers in los angeles, for black creators, specifically. as you have seen the growth of tiktok into being the world's most popular app in 2020, we saw an emergence of collaborative houses for creators, where they live and work together and make content together, and benefit from cost leveraging each other's audiences and benefit from group brenda deals. got -- group ran deals -- group
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brand deals. so we cast five black craters from across the country and move them into house in los angeles, called the crib around the corner. they're on tiktok and that is the name they chose for the house. in months they have gotten millions of views. emily: so, landed, one thing you said earlier struck me, that you do not always feel you can be yourself, or that you have to put on a happy face. what are you doing about this? do you feel you have to be someone different than who you are? or are you rejecting the notion altogether? >> that stems from, i mean, i have been doing that, at a lot of black people do that, called, code switching. there is a view you can present in public to make sure you do
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not make anyone uncomfortable. it is not, you know, is not just in the workplace, it is also on social media. because what is considered marketable is a certain view, especially as a black person. so, from 2013 until 2020, for me, mid-pandemic, was when i was doing this. i was looking at myself saying i do not recognize who this person is, i'm try to be squeaky clean all the time. it is part of me but not all of me. so i began to get more comfortable expressing who i really was, and showing all sides of me. i realize people are more attracted to authenticity. maybe not brands, but your audience, to me that was the most important thing. emily: that is eloquent, the way you said that, part of me but not all of me. i appreciate you sharing your story with us, tiktok content
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creator. and karen, we really appreciate you both taking the time to join us. coming up, president biden, wrapping his climate summit, where he urged world leaders, more needs to be done. we look at the big takeaways for tech companies, next. this is bloomberg. ♪
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emily: president biden wrapping his two day climate summit where he pledged new emissions targets for the united states and encouraged 40 world leaders more needs to be done. the president stressed the importance for countries to do more and companies pledged to do their part.
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i am joined by cisco, edp chief of people, policy and purpose. friend, thank you for joining us -- fran, thank you for joining us. a really impressive commitment cisco is making here. >> we are committing $100 million to address the climate crisis. today, 2% of philanthropic dollars go to the climate crisis. we will work and innovative projects that can drive impacts. there are many companies doing great work, and what startups need this investment and support and that is what we will focus on. emily: do you think more tech companies need to step up? i do not think people realize this data storage and servers consume a lot of energy because
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we do not see it but it is happening. >> at cisco we talk about the strategic urgency and that means we have to take action today, and i think many tech companies are, which is great. we also have to make strategic moves for the future and i think we know this but there is not a single country or company that can drive impact. that means we have to come together. emily: you are also in charge of getting a massive workforce back to work and helping them transition physically and emotionally back into the office. what are you seeing in terms of the willingness and resistance to do that among employees and how are you managing that? >> interesting you set emotionally. we know employees want to work in different ways and we have extremes now in the industry. we have had everyone in the office and everyone at home.
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at cisco we have always had a hybrid model and we will lead into that more. choices going to be important for our people. -- twice is going to be important for our people. over the last year, we see higher levels of burnout. we have to be thoughtful about what brings out the best in our people and how to play to their strengths. at cisco we see the majority of our work can be done remotely and employs want to work in the office, insight -- employees want to work in the office, in some cases, two or three days per week. emily: are you expecting everyone to come back full-time or are you expecting hybrid mode forever? >> we now believe it will be hybrid mode forever, and that is based off talking to our employees and looking at what is going on broadly in the industry. we recognize there are different type -- there is different type of work -- we recognize there different types of work and ways to get that done. we are going to lean into what drives innovation, connection
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and engagement. that will be different for employees around the globe. emily: thank you, cisco evp, chief of people, policy and purpose, thank you for joining us. still ahead, privacy and profitability, we take a look at consequences of china's big tech antitrust crackdown, next. and as we head to break, johnson & johnson after, cdc reaffirmed the vaccine authorization. this is bloomberg. ♪
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emily: as the chinese government targets its big tech giants, one question is whether proprietary data from alibaba, tencent, and more, will be nationalized? as part of a new bloomberg
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special, redlines, china and big tech, our chief north asia correspondent, stephen engle, looks at how national pooling of data could have ramifications on user privacy and could affect tech profitability. >> from a government standpoint it is not in the interest to see tech companies become smaller and weaker. >> so, what leverage does jack ma have? >> the leverage is in the cash rich, strong talent pools and they are seven to get in software develop meant. >> they have the data which the government wants as well? >> i would not disagree with that. >> i year and a half ago, china released a document codifying data, as one of the core socialist factors of production. under the idea that you must have a well regulated data market, in order to maintain economic growth. this is the fundamental core operating principle china will
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be using, to regulate big tech come over the next 10 years. it is something that has not yet entered into the western lexicon. >> the chinese government is said to be mulling a state backed joint venture with large platforms, to oversee how their combined data is managed and shared. >> antimonopoly alone would not stop the problem, rather they should be the agency in china which serves as champion for the internet sector, in other words not try to cracked on the problems, tried to develop the sector. >> but pooling data raises a host of privacy issues. in a marcellus called tencent conceded data is complicated -- and i march analyst call, tencent conceded data is, can it , a fine line between entering privacy and opening up eta to sherry. baidu -- opening up data to sharing. by duke approach -- baidu
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approached sherry. -- approach sharing. >> we like openness and want to share data with partners. >> giving up one's data could up and existing martin -- existing market position. noncompliance is the bigger risk. for alibaba, getting off of the find is not mean it is in the clear, and that alone would not repave the way foreign aunt ipo -- ant ipo resurrection. >> it also depends on how companies react to the changing environment. >> which begs the question, how far will the government go taking on alibaba and tencent and others? >> they need the golden egg laid by these companies, the innovation and growth. they know if they try to do this
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offer must date company it will not work. emily: watch more as stephen engle explores how far china will go raining in national tech champions. redline china and big tech tonight it :00 p.m. eastern and saturday morning in london and hong kong, very important coverage. . does it for this edition of "bloomberg technology." next week, we cover tesla, alphabet, amd, apple, twitter, amazon come out with results. we have conversations with executives, analysts and more next week here on "bloomberg technology." i'm emily chang and things for watching, this is bloomberg. ♪
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-- thanks for watching. this is bloomberg. ♪ [ sigh ] not gonna happen.
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david: global investors search for direction with global economic recovery and even, risks not going away, and geopolitical risks on the rise. this is wall street week, i am david westin. this week, larry summers of harvard and bloomberg's a stephanie sanders. roth flushed line of evercore. >> there is the big question of demand. david: steve yougov bain capital. >> i think there will be inflation. david: janne barton of eaton vance. >>

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