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tv   Bloomberg Technology  Bloomberg  April 27, 2021 5:00pm-6:00pm EDT

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emily: i'm emily chang in san francisco and this is "bloomberg technology." google parent alphabet beating estimates. we talk to alphabet's ceo. her thoughts on taxes, cookies, and the cloud business. plus, a new share buyback.
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amg and texas instruments out with the results as well. we will break down all the numbers you need to know. a senate panel looks at how algorithms shape user behavior on social platforms. facebook, twitter, and google's youtube. first, investors more or less held their breath today ahead of tech heavy weight alphabet reporting results after the bell. let's get to bloomberg's katie cry filled. -- griefeld. >> the s&p 500 ended a touch lower. the nasdaq 100 closing half a percent down. chips brought up the rear with the philly semiconductor index falling 0.8%. part of the reason we are seeing tech lag is because the bar is so high. rocketing higher since june,
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more so than the communication sector and broader s&p 500 index. that means that even though most tech companies have been beating estimates, they are not being rewarded in the stock market. the biggest winner so far this season are the small-cap stocks. russell 2000 companies have gained 0.9% on average the day after earnings. smaller companies surged 1.6% on average the next day. companies expected to benefit the most from the economy reopening, morhan big tech names. >> from small caps, let's go to semiconductors. they were lagging today. take a look at this behind me. four stocks higher on the day. of course not enough to bring all benchmark higher but this is important to look at. just reported earnings, a very bullish outlook, a massive
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forecast. up 3.3% in after-hours. not really translating to those other names. let me bring you the next earnings story. microsoft is down 3.6% even though we did actually have a beat on the surface and some of the cloud computing double-digit revenue growth. once again, no change to the other companies that deal with cloud computing. some of those earnings stories are isolated. i want to bring into this other earnings story, alphabet earnings coming out hot. another eps beat. and, a massive $50 billion share buyback. that is translating into facebook, not so much into twitter. we will see how much is a buyback story and how much is a broader tech story. emily: thank you both.
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we will talk a little bit more about alphabet now. daniel newman. i just got off the phone with ruth porat, who talked about how this is a broad-based recovery. but, in talking about what changes of behavior will last, she said we think it is too early to forecast the extent to which changes -- the pace of recovery very different around the world. what is your take on these results? daniel: the results are very strong. i think that was a conservative response. the numbers really blew out what was expected. there was about an $11 billion beat on the ad business. we are starting to see companies raising spend and advertising. not just the industries that have been strong through the pandemic, but we are starting to see things like travel and hospitality come back.
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you are seeing busier hotels, you can't get a rental car. there is a lot of momentum going on. i think as a whole in the ad business, it is a conservative outlook. alphabet does not really do guidance. i think that is probably the safest response especially in cases where momentum does not continue or there are setbacks due to the pandemic. the cloud business was another area that everybody's eyes were on. last quarter, first time reporting the details. this quarter, just over $4 billion in revenue. i was looking at the narrowing of losses. this quarter, it dropped the losses to just below $1 billion. the team is aggressively acquiring and buying business at a loss at this point, making investments, hiring, we are seeing this narrow and that
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should give encouragement that in the next few quarters, google cloud could be a prophet as well. emily: in terms of when they get to profitability, she said they will continue to invest, that cloud is one area they continue to see market opportunities, they will be doubling down. also in headcount and real estate. even though we have been in this remote work mode for a year, they are calling employees back to the office. they are building out new buildings across the u.s. and the world. to those investments concern you? daniel: no, i think google, they are looking at aws, looking at azure. that is the competition google sees. they want to be numerically in that ballpark. i believe with the bottom line results, we saw the blowout of
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eps for google. they see a long-term path for growth. if it takes a little longer to get to profitability, investors should stick by the company. it is not looking to grow incrementally. the team is looking for results to be on par with those bigger cloud players. if it takes them more quarters to get there, more investment, hiring. i think that is the path. emily: i want to talk to you about ruth porat's response to biden's corporate tax plan. the president looking to increase the corporate tax rate from 21% to 28%. she said, there are clearly urgent funding needs around the world including infrastructure. she said, we understand tax policy as part of the answer. we call governments to look at raising revenue in a coordinated
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way and more valuable and durable. basically, she is saying, don't just tax us. are you concerned about biden's tax plans when it comes to not just alphabet but microsoft and other tech companies? daniel: you look at the reaction last week when some of the new tax plans came out from biden. the higher capital gains rate, higher corporate tax rate. companies are concerned. will we stall investment, whether it is the infrastructure or hiring dollars you mentioned. companies start to pull back a little bit when they feel like there is not as much profitability at their disposal for that investment. this is the teeter totter between trickle-down and trickle up economics. will companies, especially big ones with resources like amazon,
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google, microsoft, find ways to work around, to avoid paying the highest tax rate because they are going to make the right investments. a lot of people are also worried about how this fits into the ecosystem, the partners at google, microsoft, amazon, cloud companies, software providers that use their clouds. just raising taxes for revenues will not see it -- will not solve the problem itself but it has to be on the table as one potential solution. emily: talking about microsoft, also a beat on earnings and revenue. huge growth in the cloud, 50% growth. do you think that momentum holds up when we are through reopening? at the end of this year into next year, can they keep up that momentum? daniel: this is the biggest
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quarter growth i believe since 2018. he sees this momentum carrying through. my consensus is that i agree. the company is very focused on vertical. it has been able to see some significant growth during the pandemic, which accelerated growth in areas like teams, pc. but also we saw azure. a lot of people thought, two or three quarters ago, it would decrease further and further into 40% or 30%. aws now over 12 billion. it actually bounced back with two continuous quarters over 50%. dynamics 355, their competitive product with salesforce. you saw pc sales up 19%, tracking along with intel's
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results last quarters. amd, which reported today, a blowout year-over-year result. i think that tech intensity is really in place. now you are seeing the company really focus on vertical. the nuance acquisition, getting into health care, playing off of the cloud ecosystem. it is not just azure. azure, office, teams. a big reason why we are seeing that cloud stay so high for so long. emily: will talk to microsoft president brad smith about that and more tomorrow. we will be interviewing him exclusively on "bloomberg technology." dan newman, futurum research analyst. again, brad smith joining us tomorrow. coming up, amd and texas
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instruments also reporting results. how the chip shortage and rocketing demand is impacting their outlook. this is bloomberg. ♪
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>> q1 had one of the most difficult supply chain challenges that we have ever experienced. difficulties with supply chain, over the whole range of parts. the chip shortage, this is a huge problem. emily: tesla ceo elon musk there after the company reported
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results, highlighting just how severe the chip shortage has been globally. texas instruments and amd out with their results after the bell. let's get straight to ed ludlow in san francisco. chip shortage top of mind. what would you highlight? ed: texas instruments, 80% of the chips they offer customers themselves, they don't outsource to third parties. they were talking about the keyword, leadtime, the time it takes for a customer ordering chips to the time it takes to deliver. during the first quarter, they still had a hotspot in different industries where leadtimes got extended. those leadtimes are now steady and they are able to offer inventory. signs for people watching the global economy, texas instruments is a bellwether because some of its customers are heavy industrial companies,
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automotive companies. they serve in a broad range of industries and jurisdictions. demand for their chips are really what gives us a sign of how the economy is firing going forward. on the amd side, they give such a bullish forecast that demand seems strong. emily: talk about the chip shortage. we heard elon musk talk about how this is impacting tesla. it is impacting so many businesses around the world, consumers. as we go through this transition back to work, back to school, any additional insight or fresh commentary on when this will let up? ed: this is when you start to read the tea leaves. texas instruments gave me -- gave a forecast for the year that was in line with estimates. they did not raise their
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guidance, they did not give any specific bullish outlooks on particular customers. the thinking from wall street, the demand that we thought was there, particularly from the automotive industry, it just actually is not as extreme as we thought. exactly the same thing you just outlined, that we are returning to work, starting to return to school, so that extreme growth in demand for laptops, tablets, smartphones, if they are not raising their forecast for chips to provide for those things, perhaps the supply equation will level out in due course. emily: let's talk about amd in particular, which is not reliant on tsmc to manufacture chips. ed: the amd story is opposite texas instruments. they gave a very bullish outlook for the rest of the year. three months ago, they said the sales will rise by 37%.
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the upgraded that to 50% in fiscal 21. the feeling is that the demand for what they are offering a strong. but there is a subplot. remember when intel had earnings? they saw their shares fall. the concern was that amd was stealing market share from intel. you have amd here saying, our data center business is pretty strong. the ceo of amd has transformed the company's offering in recent years. they do some business with taiwan semiconductors. there reliant on some of the third-party manufacturing. there is no explicit commentary at from executives. it seems that amd is doing well because of broad-based demand and because they may be stealing market share from intel. emily: amd is reliant on tsmc to
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manufacture chips. the ceo there making big moves. ed ludlow, thank you for that update. we will be following those results. coming, ev battery maker quantum skate recently called a scam. the quantum scape ceo heading back at critics. we will interview the ceo next. tesla shares down a day after the company recorded record profits. investors are shrugging. a sign perhaps -- among the critique from analysts, tesla did not offer specific estimates for vehicle deliveries in 2021. this is bloomberg. ♪
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emily: a new report says amazon will surpass walmart in u.s. retail sales in 2025. the report suggests the world's biggest online retailer has just too much momentum that walmart can't stop despite big investments in its own e-commerce. darren baker saying the pandemic has privately changed consumer habits from stores to e-commerce. >> how computing power had been growing at exponential rates, memory storage, all very rapidly. but batteries have been growing at a very slow rate of about 3%, 4%, 5% per year. it takes about 20 years to double at that rate. i decided to leave my job as ceo, join a venture capital firm to work on this problem. >> apart from becoming the
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hottest battery startup and be in public, also becoming the first battery product -- by a short seller. the reason to put out these 100-plus page reports, because third-party validation was not shown or results are not shared give them fodder to be able to poke holes. many of the issues are issues that we have talked about, that batteries are hard, you have to be able to scale them up, those numbers have to match what the performance needs to match. how do you tackle these potential attacks? jagdeep: if getting a third party lab to test would get rid of some of these random attacks, it would be something we would consider. do you really think that if all
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these data we had shared been generated by a third party lab, that anything would have been different about that report? that report was not interested in the facts. i want to be candid. there is a legitimate short you could have. this is great, it demonstrates amazing results in terms of capability, but they have yet to scale up production, factories. those are uncertain fees. somebody could say, i believe it will be harder than they think. legitimate, we don't argue with that. the problem is, that is not what the short seller was doing. he shorted the stock most likely on a wednesday. on thursday morning, this biased information. later that day, the stock price dropped, he probably covered his short already so he was already gone from the market. this is about essentially market
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manipulation and that is what i have a problem with. i am not sure that a third-party lab having tested these results would have changed that particular scenario. but i will be honest with you, we don't attempt to have our strategy be driven by a random short seller looking to profit on the market. the questions you are bringing up, people like you who are legitimate observers of the industry, if it makes you feel more confident in the data, that is something we will look at. >> what do you imagine the future of batteries, 20 30, 2035, and 2040? jagdeep: because bass strait -- because battery chemistries are so long-term in nature, as we
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said at the beginning, lithium-ion has been around for about 30 years with relatively anger mental changes. it is not impossible that lithium metal could drive another few decades worth of battery technology with relatively small improvements to what we are doing today. what we are doing today could be the basis of the next 20 years of battery improvements. emily: quantumscape ceo jagdeep singh. you can catch that full interview at some breaking news about president biden's economic plan. he will be omitting an extension of the estate tax from that plan. he had committed during the campaign. it looks like estate tax hike will not part of this plan. people are not sure if lawmakers
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in general would have backed an estate tax hike. coming up, executives from facebook, twitter, and youtube facing probing questions from the senate about their algorithms which one senator says "is driving us into poisonous echo chambers." this is bloomberg. ♪ [ sigh ] not gonna happen.
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♪ emily: welcome back to bloomberg technology. i am emily chang in san francisco. u.s. policymakers pressed -- and highlighted on their platforms throughout the rhythms. the hearing coming as congress takes a broader look at how to overhaul section 230 which protects internet companies are my user content. for more, i want to bring in our guest who covered the hearing for us. talk about the line of offense with both democrats and
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republicans, the arguments they took. >> it was interesting, you can hear some genuine concern from these lawmakers about how social media company is kind of direct the level of public discourse. so much of our social interaction and exchanges with fellow citizens happens online, and these companies have a lot of control over those without much oversight. but the question we heard was how do you make the decision baked into algorithms to determine what each user sees? that is different for each person. there is concern for the lack of transparency and desire to understand what makes these decisions in case there needs to be policy to more heavily regulate how that happens. emily: the metaphor is about how companies use algorithms are so evocative, it is hard not to mention them. one person who has been a frequent quest on our show, and
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the star of "the social dilemma" talks about how these companies use algorithms. >> it is almost like having the heads of exxon, bp, and shell asking about what are you doing to responsibly stop climate change? their business model is just the fundamentals of how it works. emily: did that idea come through in the hearing, and then how did the tech execs defended? >> that was something we heard not just from triston, but from the senators, and some of the other commentary. that this was the business model. the business model is engagement and unfortunately, what drives engagement is often the misinformation or most inflammatory content. the executives that were testifying today pushed back on the notion that there are toxic
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places to go on their platforms, and part of the reason they made this defense, they said the company used algorithms to remove harmful content. they say a fraction of 1% of content is flagged as violating the company's policies, but it is not evenly distributed. when you have someone deep into these echo chambers that one of the republican senators mentioned, someone who is very much a drawn into these worlds within the social media platforms, they get a more intense experience because of the algorithm. it is not just what the general population sees, but how information is distributed and in some cases, unevenly distributed. emily: let's take a listen to response from these companies. from facebook, it is not an our interest to push users towards extreme content, if we
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prioritize trying to keep a person online for a few extra minutes but less likely to return, that would be self-defeating. twitter saying that policymakers should consider the way that algorithms and machine learning makes twitter a safer place and enhance the global experience. youtube saying, some speculate that we hesitate to address problematic content because it benefits our business. that is simply false. failure to address harmful content not just for the safety of our users and creators, but also for the safety of our advertisers, and our business depends on trusts. is this hearing likely to result in any substantive changes? anna: that is part of the problem. it is a hard thing to legislate. not only is it a tricky, legislative problem, how do these companies effectively moderate content in different cultures, different languages. they have not figured out how to
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completely do that, and they will readily admit that they dismiss some of the content that should be removed. the other question, can legislation keep up? the legislative process by design is slow and deliberate, even more so -- not by design we have partisan gridlock in washington. the ability of lawmakers to kind of accurately address the problem and create policy to fix it is really, really hard for them to do. emily: anna edgerton, following that hearing for us, thank you. lyft selling it self unit two toyota per $550 million. it joins uber from stepping back from the costly autonomous car research. ed ludlow caught up with the lyft president john zimmer to
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hear what pushed him. johnl] we have had -- john: we have had an autonomous platform, and we are the leader in commercializing autonomous vehicles. we have done over 100,000 paid av rides, and this is doubling down on that part of our strategy so that we are focused on the piece that we do. the level five, which is the name of our program, it has been successful. toilet up -- toyota saw that opportunity and this allows us to work with multiple partners to bring the best and safest technology to the platform for our customers and to focus on the customer experience in the marketplace technology along with the fleet management that is critical to the success of autonomous vehicles. ed: what was the biggest impetus for lyft? was it the technology itself and what it would take to bring it to market, what pushed you to do the deal? jo -- john: it was a long-term
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strategy of how the world of av's have changed. when we started, it was not clear that it would be multiple, well-funded autonomous vehicle providers and today, there are several well-funded autonomous vehicle providers and we brought a new approach to market. our team has done data-driven economy that was basically building an autonomous system based off fleet information, so you can use real scenarios to make the system better and better. now the differentiated approach is in the market and now we have brought another well-funded player with a new approach to market, and there are only two major networks for transportation in north america, and we believe we are in the best position given that we are the only ones doing fleet management is absolutely essential, and we have what we believe is the best marketplace
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technology. ed: talk us through the timeline, when will we see lyft rides in the real world which are fully autonomous, and what gets you there? john: we have done over 100,000 autonomous vehicle rides with a safety driver in them, so if your question is when the safety driver will be removed, that will likely be over the next two to three years. we have announced a partnership to bring them to market in multiple cities in 2023 and we will continue to scale from there. ed: does this move impact any potential for lyft to diversify its business? do you think you will move into the delivery of food or goods, or any other form? john: one thing we are doing is b2b, or business-to-business focused delivery so we can be a platform for retailers to have a
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national, into canada, infrastructure for deliveries without needing to rely on a consumer marketplace. but we are extremely focused on what we do and what we do well, and it has allowed us to increase our market share over the last several years, and that focuses on consumer transportation, which is, in our opinion, a multitrillion dollar opportunity and one that requires deep focus. emily: lyft cofounder and president john zimmer with ed ludlow. coming up, the first crypto awards credit card, more than 140,000 people already on the waitlist. we will speak with the chief operating officer at gemini about bringing crypto mainstream. that is next. this is bloomberg. ♪
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♪ emily: bitcoin and extending its bounce back from recent lows, climbing back past $5,000, and in the latest sign that wall street is warming up to the currency, jp morgan is preparing to offer a bitcoin fund to its wealthy clients. mastercard and cryptocurrency platform gemini announced a partnership to launch a first of its kind crypto rewards reddit card this summer. more than 140,000 are already on the waitlist. joining us now, noah. how does this work? noah: this is a fantastic product. the way it works, we partnered with mastercard and will be issuing this gemini credit card a bit later this year, and what is great about it is that users
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are able to earn crypto on every swipe that they make, every charge they make, they are able to earn crypto as a reward. so instead of frequent flyer miles or hotel points, they are earning crypto. emily: you pay in traditional credit, traditional money, but you earn crypto and return, is that right? noah: exactly. what is great about it is it allows people who are crypto curious, for those users, this is a great way to passively get exposure without changing their behavior. they continue to use the card when they would use it, and they will start earning bitcoin or the other cryptos we have. emily: you can choose from any of 30 different cryptocurrencies available on gemini. talk to us about the interest, 140,000 people.
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what are you hearing from consumers and interested parties about what is attracting them? noah: absolutely. when we announced it, we opened the waitlist and we have 140 thousand people on the waitlist to date, although, since we announced our partnership with mastercard, we have had incredible interest just today. what is particularly exciting about the numbers is that more than half of the people on the waitlist are not existing gemini customers, which means they are new to the space. it is what gemini is all about. it is attracting more users to crypto and presenting a safe, reliable way for people who are interested in the space to come in. emily: does that mean there is more than 140,000 people on the waitlist now, how many can you tell us? noah: today's announcement has been incredible. i do not have the exact numbers in real time, but it is north of 150,000 as we speak.
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emily: ok. do you worry at all that you are encouraging consumers to take on more risky assets by offering this option -- you don't have any control over which way the 30 cryptocurrencies go, does that matter? noah: it is a good question. the answer is that we think this is a really compelling product. when you think about other types of rewards, you think about airline rewards or hotel points. those rewards are also subject to sort of change in program, so yes, there is always the chance of volatility, but as a reminder, and bitcoin as the best performing asset class in the last 10 years, so we remain bullish that this is great, compelling product for users. one thing i should add here is what is exciting about the product we are offering, it
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delivers crypto rewards in real time as opposed to waiting until the end of the month. given the price action and the underlying asset, this allows people to have full control over their rewards from the time that they make the purchase, those rewards are going to their accounts. emily: we have been watching a number of different crypto companies hit or explore the public markets, we just saw coinbase do a direct listing. what is gemini's plans to go public and what valuation? noah: a super exciting time in the space. we watched the coinbase real validation for crypto. what i will say on our plans are what our founders have said is we are keeping all options open. if it makes sense for us to test the public markets, but right now, other than just maintaining all optionality, that is the
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extent of what we are prepared to say, what i am prepared to say right now. emily: i had to try. we will keep watching, north of 150 thousand, thank you for sharing that with us, more than one under 50,000 people interested in this. thank you for joining us. coming up, going all in on content creation. instagram, the latest to jump on the content creation tool generator and marketplace, and what mighty networks is building what it expects to be an operating system for the creator market. i will speak to the founder and ceo next. this is bloomberg. ♪
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♪ emily: we brought you a special
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series on tiktok and a part of our conversation, we introduced you to a young and up-and-coming content creators who make millions on content, and brand management. content creation is a lucrative business in building that networks and platforms to support the so-called content economy is the aim of mighty networks. mighty networks is building what it considers to be an operating system for the greater markets and just raised $50 million in new funding. joining us now is ceo gina bianchini. gina: thank you for having me. emily: of course, you have creators, brands, coaches on your network every day and we just did these interviews with huge people on tiktok. talk to us about what you are offering creators like that. gina: we are actually offering a little bit of a different approach to the creator economy. when we look at the fact that
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there are these small number of content creators who are making millions on tiktok, we look at it and say, wait a second. how can we use the same energy around generating new payments, new digital subscriptions? how can we generate that for more people? the answer is not content, it is not fighting for attention on platforms like tiktok or instagram. it is not about building a massive following and hoping for sponsorship. it is actually building really strong communities that you can set up and have as your home on the internet. if anything, mighty networks exists to be the easiest platform anywhere for more and more people to be able to become creators. that is why we are here, that is
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why we exist area it is about ending this constant stream of content that you are building for other people's platforms. and actually taking the whole ethos of creation and expanding that to really serve more people with communities that anybody can build. and anybody can participate in the creator economy. emily: speaking about communities luvvie ajayi jones is on mighty, we explored some of the disparities between black-and-white creators. a blackmail might be offered $1000. -- a black male might be offered $1000. how are you working to democratize? gina: glad you asked that.
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at the end of the day, creators need to own their own assets. they need to own their own community. and they need to be able to offer their community, whether it is memberships, whether it is assets to events, whether it is online courses, that they run lives, or they record and have a community that is mastering something interesting or important together. one of the reasons that we have seen 200% growth in our -- the craters using a mighty networks today to build out their community, and a significant percentage of them being creators of color, is because you own your mighty network. it is not about renting attention from large platforms, trying to build massive followings, and then maybe being paid pennies on the dollar. if you get paid at all.
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it is instead a much better model where both traditional and nontraditional creators to own their own community, to be able to offer their members something of value and typically, not just their own content, but content community, and the connections that any of their members are making with each other. that is really the power of a mighty network. emily: you have been raising money for a long time. we just got a new report from allraise that shows that women are backsliding in the pandemic, funding raised by all-female teams is dropping. seed funding, angel funding, late stage funding. what was your experience like raising money over the last year and how concerned are you about this? gina: i will answer this --
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first of all, for us, i would describe it as finally easy and that has everything to do with the fact that we just have numbers that you cannot ignore. there is the steve martin quote, you have to be so good that they can't ignore you, we finally got to a point where we were so good, they could not ignore us. but that was not always the case and the reality is with fundraising, what you are not straight out of central casting as something investors expect, it makes fundraising hard and it is one of many reasons we are so passionate about what we are building with mighty networks, because you can bootstrap a business for less than $1000 a year, and with fewer than 30 members. that is really the innovation that we have unlocked in the last year is our software gives people the opportunity to become
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creators, not for millions of followers, that you might get paid a sponsorship, you might not. but rather, this ability to bring 30 people together around a topic that they care about, and generate digital subscriptions or digital payments that way. if anything, my experience with fundraising in silicon valley has made me even more passionate about providing opportunity, especially for nontraditional founders, to boost off of their own business and control their own destiny. emily: you have pounded the pavement for so many years and paved the way for so many women entrepreneurs to follow. thank you so much for sharing that. that does it for this edition of "bloomberg technology." tomorrow, i will be speaking exclusively with microsoft president, brad smith. do not miss it. we will be recapping all of the big tech results out today.
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i am emily chang in san francisco. this is bloomberg. ♪ ♪ ♪
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♪ >> very good morning and welcome to daybreak australia. we are counting down to asia's market shery: good evening, i am shery ahn. >> these are your top stories this hour. results from tech heavyweights. south belt


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