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tv   Bloomberg Technology  Bloomberg  November 3, 2021 5:00pm-6:00pm EDT

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>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: hot housing market. twitter and tiktok users are raging against the real estate firm as it looks to sell 7000
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homes for $2.8 billion. the message of the digital protesters, don't buy them. we will have all the details. plus, much more than speakers. hitting the public markets, hitting a $2.1 billion market ca. -- market captured the demand for ride hailing is back. we will speak to the lyft president and ask if driver supply can keep up. let's get a look at the market stuck climbing to a record after the fed signaled monetary policy will stay flexible. kriti: tech outperforming, leaving the s&p 500 to a record high. $15 billion of tapering. that is what they said they were going to start in november. and perhaps get this inflation we are starting to see under
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control. still sticking to the transitory message. that is what markets need to hear. tech stocks which have been sensitive to the inflation concerns. the s&p 500 up 0.6%. nasdaq up a whopping 1%. i want to get to some earnings stories. qualcomm just reported a pretty upbeat forecast. shares up after hours. a lot of this coming off surging 5g demand. the ceo made a big effort for the company to diversify some of their suppliers. some of this is because they have been a little more insulated when it comes to the supply chain crunch. a different story when it comes to etsy dropping after hours. 3.6% lower after the market closed. everything to do with the e-commerce room in 2020. they gave a lackluster forecast into the holiday period. zillow is the other story.
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25% saying it is going to halt its house flipping business altogether. 7000 homes. also looking for $570 million in write-down. a lot going on. taking with it some of its fear -- some of its peers. emily: thank you for that roundup. what was once a hot housing project for zillow has become a total nightmare. the real estate company is pulling the plug on its tech powered home flipping operation jane shares plummeting since the news. the company is trying to offload 7000 homes to institutional investors for $2.8 billion. the walk us through the details, we are joined by patrick clark. he broke the story zillow was pausing its homebuying business and we have seen the stock plummet since then. they are offloading the 7000 homes. what went wrong here? >> it is still hard to say.
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a big part of what went wrong is they bought homes for more than they could sell them for. kind of as simple as that. they lead into dice they leaned into the home price appreciation this year. home prices cooled a little bit. they went to sell homes. they could not get as much money as they wanted. along with that came a bunch of other problems. they did not have enough workers to repaint the walls. replace the carpets and do whatever. other repairs before they sold the homes. but at the end of the day, they decided the -- decided that they were wrong once in a big way and it was too big a risk that they would get bigger in this business and be wrong again. emily: when zillow got into this business, our member thinking that sounds like a hard business. was this really a legitimate business? >> it could be a legitimate
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business. the problem they want to solve is real, which is that it is a real pain to try to sell your house especially if you're trying to buy a home at the same time. if somebody comes around and makes you a cash offer and gives you flexibility for when you will set your closing date, that can take a lot of the headache out of it. whether you can buy homes from people at a price where they feel like they are getting a good deal and you can still make money on the others is the open question. zillow struggled to do that. emily: this twitter and tiktok protest, folk saying don't buy zillow homes why is everyone so up in arms about this? >> it has been a really tough year and a half. particularly if you are a first-time homebuyer looking for an entry level priced home in phoenix or dallas or vegas. nashville, the types of cities that are seeing a lot of in migration. if you are in that housing
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market, the appearance of zillow and competitors, plus the large single-family rental companies, imitation homes, american homes for rent, a bunch of private equity players, you see these giant institutions with billions of dollars that can come in and make a cash offer for a house. you have to go through this more complicated process of getting a loan. if you are a low down payment borrower, you have got to get the home appraised. it is -- i think it is a widespread frustration with institutional presence in these hot housing markets. part of it may be the institutional presence is not well understood. was zillow making it harder for a regular person to buy a home? possibly in some ways.
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in some ways, they may have been making the experience of a housing market better for people. it is a very emotional issue and has attracted political heat from the left and right. i don't see any indication from zillow if you ask zillow directly, did you not like the optics of this business? i have not heard anyone from zillow say that is the issue. but it is a fair question. this is a company that does have a beloved consumer brand. it is only a few months ago saturday night live was making a sketch about how browsing zillow listings was like the new adult past time. i have to think that calling people people on tutor -- on twitter and tiktok does not feel great. emiley n to pick me
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up, they can go back and watch that snl skit. a 36% drop in the stock. not funny at all. great reporting from you on this. meantime, alphabets self-driving car unit says it will begin mapping new york city streets. this will pave the way for the potential deployment of its autonomous taxi service in one of the most dynamic urban environments in the country. expanding operations to new york said -- to new york shows progress. a sustainable shoe company leaps in its debut. we will catch up with the cofounder and ceo next. this is bloomberg. ♪
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emily: allbirds has just gone public in and up sized debut. more than doubled briefly during trading after its initial public offering. the listing is one of 400 17 on u.s. exchanges that have raised an all-time high of more than $137 billion according to data compiled by bloomberg. that does not include spacs. i want to bring in the cofounder and ceo.
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a huge day for you after a loan journey. it is the plan for this new capital? >> it is quite a big moment for the company. only being five years old. we are clearly really excited and having a lot of employees out for the day and about to do a little celebration. we will continue to put one foot in front of the other. a big use of our proceeds is going to go to a couple areas of growth. the first is our u.s. brick-and-mortar retail in particular. we are growing at a good clip. retail is recovering significantly. traffic in stores is doing great in almost all parts of the country. we will be building a lot of great stars around the country and we are focused on a couple key international regions. a couple in asia and in europe. we are focused on doubling down from what is a great start but a small one in those markets. emily: shares up 92%.
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are you looking at that number and thinking we should have raised the price? or maybe we should have done a director listing. how do you think about that? you are mostly celebrating today but is that at all in the back of your mind? >> i will say it was a very difficult thing to quantify. this is always a little bit of a black box. i always said i have never going to be that kind of idiot ceo but in reality, as we have gone through the process, we had an incredible amount of demand from institutional investors in a way that was quite overwhelming. it was very rewarding talking with many different dozens of investors that were world-class. two factors that made the uncertainty a lot bigger. the first is we are a retail brand. people have come to love our products. a lot of those people like to be retail investors.
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we expected some activity but it is hard to understand what is going to come in the aftermarket. that is the first one that was hard to read. being such an authentic leader in the sg space, that resonated strongly with the investment community. we bridged a number of different pockets of capital that businesses have focused on stakeholders and nonfinancial don't have access to. really difficult for us to quantify what the impact was and how they were going to come in at the ipo and the aftermarket and what is going to happen from here. we are encouraged by all the demand. that is all we can go to bed happy for the outcome. emily: sustainability has been the key principle from the beginning. an average pair of allbirds have a carbon footprint 30% smaller than a typical pair of sneakers. curious to see what kind of supply chain issues you are navigating. if we want allbirds for the
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holidays, should we be ordering them know? >> we got you now and we got you later. we would not have gone public today if we had disruptions in our supply chain. we have had a fabulous outcome from our team's effort and some good luck. we have all the inventory in place to serve everyone this holiday and well into next year as well. that was a big factor in having very little uncertainty from supply chain for us to come to market. we see retail recovering. tourists are traveling internationally. we have such an exciting portfolio coming in the performance space. trail running shoes we just launched at a number of other exciting products. a gate batra -- a great backdrop. emily: allbirds has been the issue for the tech industry. it is kind of like a patagonia fleece and a pair of allbirds. is it still going to be the cool thing?
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how do you keep on trying to make sure this is what people want to wear? >> fortunately, we have a broad base of consumers. it is geographically dispersed across the country and around the world. we are finding this health and wellness orientation of our customer is quite young. it is much more female than it is male. we find a residence with a broad group of customers and consumers . a lie in creative industries. i put some of the technology into the bucket. as we continue to broaden our assortment, i think we are meeting a lot of new customers. we are finding much of the stuff we put out today is resonating with particular audiences and given we are a vertical brand, we can start thinking about how to design and create great products and great experiences for customers and make them for what they are looking for a given we have the data. emily: good to know you have your customers now and later. especially in a busy holiday season.
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thanks so much for stopping by. coming up, a dire warning from the top u.s. cybersecurity official amidst a wave of cyberattacks against critical american infrastructure. what can be done to stop it? we will discuss. let's look at shares of qualcomm up 5% in late trading should the world's largest smartphone chipmaker giving a stronger-than-expected outlook for the current quarter lifted by surging demand for 5g devices and the company is pushing into new markets. we will talk to the ceo right here on bloomberg technology. you don't want to miss it. this is bloomberg. ♪
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emily: we are watching a theory him. -- we are watching ethereum.
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bitcoin up only 120%. there is talk of an ether etf by early next year. a warning from the director of the director of the cybersecurity security agency. the american way of life faces daily threats of ransomware attack's. -- ransomware attacks. i'm joined by a security expert who served in the white house during the george w. bush administration. what do you make of these comments? i'm sure it seems obvious to you but it still seems to be difficult to get folks across the administration on board. >> one of the challenges with these ransomware attacks is there are coming from a lot of -- as they are coming from a lot of groups. the question becomes, what of the government's role?
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the attacks on colonial pipeline come of the attacks on hospitals, the attacks on water supplies. we have seen the ransomware spread in a way that affects average lives of americans. that has the government paying allete more attention. see the government saying how it has to do better on its own defense. how to make that more effective and how to get better at vulnerabilities the government has today and how to address those immediately. emily: i'm thinking of an attack on a hospital in alabama where a baby died because hackers disabled computers and medical staff could not monitor them. the ceo of microsoft told me cyberattacks are the new pandemic. is that how you would describe it and how do we get everyday people to understand how big a threat this is? >> i think that is right. an epidemic in the united
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states. a pandemic around the globe. coming after more critical infrastructure. you take the case of this young woman who came in in 2019. she has her child. everyone was focused on the cyberattack. while stuff was going on, the doctors are texting each other back and forth. they are not able to communicate effectively. there were less highs on the heart monitor. a terrible incident. there are more direct ties if you think about what might happen if a water supply were affected or if the power went out or services were not available. as we are seeing more of this, we are realizing this is a concrete challenge. we have become accustomed to lots of cyber breaches. our data is lost. our identity is gone. people are somewhat jaded when it comes to cyberattacks or cyber hacks. these attacks are fundamentally
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different because they affect critical infrastructure and make it unavailable for a time. emily: there is a russian organization called black matter. a ransomware service that claims that shut down this week, which would seem like a win. is it? >> it is hard to know. we have seen a lot of other services shut down. what often times you have happening is they will rebrand themselves. you see their compatriots taken down by law enforcement. they come back in different form. black matter where ransomware is a service. they were offering ransomware to other people. they may still be doing it on their own. the real question is why did they shut down? was it an allied nation? was it the russians? was it an eastern european nation? we don't know for sure but there -- a win at some level but not as
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big as we might have hoped. emily: do you think the current administration understands the severity of these attacks and has a concrete plan to address them? >> i think they have appointed a terrific group of people. a long experience of nsa and cyber command. a cyber leader, the former deputy director of the nsa. and newberger as national security advisor. you have the ideal team to get this right. you see the government doing stuff on its own side. the key to me is how does the government come together with industry and create the interplay between the public and private? asking one company alone saying they want to be the russians or the chinese is ineffective. it has got to be a team sport.
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now they have gotten the team together, we have gone to free them up to do what they need to do, which is bring the nation together and engage in defense. emily: our ransomware attack's going to get worse and then get worse and potentially better? what is next? >> we have a lot of folks -- ransomware is part of a larger malware problem we have had for a long time. i think the malware problem is going to get worse before it gets better in part because we need this collective defense capability. what we need is exact costs from our adversaries. we know in some cases the russians, chinese and north koreans are helping to fund these groups. they are allowing them to operate. you have to treat cyber criminality the same way you treat terrorism to we are going to hold a nationstate to operate . until we start imposing cost, angular defense better, it is
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going to get worse before it gets better. emily: that is extreme to treat cyber criminals like terrorists. why? ? right now the way it is working is in china and russia, we have seen a lot of interplay between cyber hackers, the criminals and the government. the men and women who work for the government will go home and hack in their free time. they are paying off some of these nationstates so that is part of the challenge. we see more in china. we know they know what is happening. if we don't hold them accountable, we will see more of this. at is the fundamental challenge. emily: founder and executive director of the national security institute at george mason university. coming up, the recovery is on in the rideshare business. i will speak with the president and cofounder of lyft after a strong third-quarter up next.
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this is bloomberg. ♪
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emily: welcome back to bloomberg technology. i want to get back to the markets. taking a look at ride-hailing companies after impressive results. kriti: lyft and uber blowing us away. a lot of this has to do with the fed today. $15 billion taper. helping tech broadly with the s&p 500 to new records. semi conductors, chinese adrs, which are at the tech heavy index. the nasdaq biotech index ending
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in the green. i did not start the session out that way. i want to hit activision before we hit lyft because this is going to be a major story. having its worst day since going back to 2008. this is after two of its most highly anticipated games were put on the back burner, delayed. missing some of the earnings estimates and a triple whammy. cutting downgrades from several of wall street's banks. not a good day for activision. i want to get to lyft and uber. lyft coming out, a very upbeat forecast. a 73% year-over-year jump in revenue. 51% increase in riders. the cherry on top. saying they can turn a profit by the end of the rear -- end of the year. even before taking out taxes. this is good news for lyft. an 8% gain and taking with it
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its competitor, uber. emily: thanks for that. let's talk to the man himself. an impressive showing from lyft. clear that ridesharing is recovering after the pandemic moves slowly into the rearview mirror and life returns to some semblance of normal. i'm joined by the president and cofounder of lyft. let's start with rider demand. obviously, people are riding again. what are the more specific trends you are seeing? >> we had million more riders this quarter than the previous quarter. that is great to see. 70% revenue growth year-over-year. at airports specifically, we sell triple the volume than what we saw a year ago. things are coming back. they're not all the way back there are markets like san francisco where we are 60% down from that peak in q4 2019.
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even with that, able to hit those adjusted profitability numbers we are happy with. but more to come. emily: airport rides were a strong driver. i'm curious how dependent lyft is on business travel. and we see another surge especially over the holidays. >> to put the airport number into more context, pre-pandemic, it approached over 9% of our revenue was airport trips. we are already at 8%. still more to go. but it is coming back in the mixed shift emily:. let's talk about driver supply because anecdotally, wait times are still longer than they were pre-pandemic. at what point do you see that coming down and being more reliable back to the way it was? >> good progress on that front.
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45% year-over-year growth on the driver side. we are zooming out and looking at the labor market more generally this quarter. we looked at the hospitality and leisure sector as well as the retail sector. from january to september, our driver actives grew five times faster than labor in those other comparable industries. what we are seeing, there is still a pandemic. workers are still coming back to work, getting off the ui benefits. our type of work where you can turn it on and off whenever you want and have flexibility that people appreciated during the pandemic i think will do better going forward. we are happy with those growth times we sold this quarter. emily: what can you share about what you are spending on driver incentives? that has been a big initiative to get things back on track. adco what we have said -- >> what we have said is the
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previous quarter was the peak on that spend on a per ride basis. there will always be some aspect of balancing supply and demand, but we feel like we have hit that peak and we can taper off some of the more extreme investments related to the pandemic. emily: prices are still higher as well. you're working toward normal. we are not quite there yet. it is not just lyft. it is uber as well. are you worried about seeding shares to uber because they also have food delivery? >> we are not concerned because one, it has not happened. we have maintained share. we are not going to -- the back and forth between the businesses, the companies are very competitive. we want to serve our customers and drivers better than anyone.
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we are not going to do that through a price war. we are going to do that through better services, better strategy. emily: there is a wider conversation about wages. i'm getting feedback on twitter from contractors, drivers, who want to be paid more. what are you doing to make driving a compelling job especially over the holidays when there are other drought -- other opportunities out there? amazon hiring thousands of temporary workers to get them through the holidays. >> if you look at the actual earnings of drivers and the flexibility, it is like an atm in your pocket. you can turn on and off whenever you want. there are not any other comparable jobs outside the gig economy where you can get 20 to $30 an hour on average and do it whenever you want. within the gig economy, rideshare has historically on average had higher earnings than in the other categories.
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we will always work to do better, work to serve our drivers better than any other company and we are doing that with different features we are bringing to market. a lot of the marketplace that is not seen by the customer or the rider because they see a simple button to request a ride. we are building a lot of data science and technology that allows us to increase utilization of drivers to also increase their earnings. emily: waymo is mapping new york city appeared potentially a step forward for self driving cars. bikes also seeing a spike there. one of the more interesting trends in alternative and newer forms of travel. >> new york city specifically, we on citi bikes, which makes up 40% of all our rides in new york. it is basically a pretty decent size system in its own right. we saw that the bike share
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business, or we have exclusivity in new york, did very well in the pandemic. obviously individual open air form of transportation. we are continuing to get more density in new york with our bikes. we launched lyft first ground up in bike, which has been popular with those who have had a chance to use it. on the autonomous side, we are years off. we feel incredibly well positioned to bring to our customers as well. emily: we hear you are new year's eve driver pete are going to see you driving and what sort of traffic are you expecting over the holidays? >> absolutely. like you say, i am driving for lyft every new year's. i expected to be very busy this year. emily: president and cofounder of lyft. always good to have you. look forward to that tweet on january 1. thank you. coming up, funding to women took
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a step backwards during the pandemic but now it may be starting to rebound. we will talk about this and more with beyond the billion. a company mobilizing investors who pledge to fund female founded firms next. this is bloomberg. ♪
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emily: women found startups were disproportionately impacted by the pandemic according to a new report revealing that as deal value increased in the u.s. start up ecosystem in 2020, it
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fell for women founded companies. start -- let's talk about the reasons behind this with the managing partner of jan the billion, a company serving a global consortium of investors who pledge to invest in female founded companies. the numbers proved true that women backtracked during the pandemic and especially women entrepreneurs. what are you seeing in the numbers? >> that is very true what you just said that 2020 was clearly not a great year for female founders. we saw that funding dropped by 3% instead of the record year we had in 2019. even as the overall market increased by 16% even during the pandemic. this was clearly a troubling set of data points. and yet, we are happy to report 2021 is a very different story. emily: how different is 2021?
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looking at the numbers, looks like the numbers are going up. >> women are shattering their records. women have in 2021 through the first three quarters compared to a full year of 2019 women have increased -- funding has increased into female founded companies by 70%, to $40.4 billion up from 23.7 in 2019. overall market increases of only 43% to women are bouncing back to -- of only 43%. women are bouncing back. coming back at 44 billion dollars paid forcing exit values increasing by 144% to 53.8 lien compared to only 102% increase in exit values for the entire
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market. in terms of exit volume, we are seeing a 12% increase over the last year versus 3% for the overall market. emily: progress is progress and that should be celebrated but how do we make sure we don't flip told ways? >> that is a great question . one of the key drivers is not just the economy has come back and confidence levels have gone up. investors are feeling better about her they are deploying their capital. the key is we have a significant increase in the number of female check writers. today, there are 15% of all gps in the united states are women. it is growing faster and faster. in our consortium of over 100 venture funds, we see over 80% of them are women, people of color or both. we know that when women are the
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check writers, they generally over index toward female founders. female founders know that and seek them out. emily: there is a huge perception problem. women founders are often viewed as a riskier bit. a less safe that even though women typically and historically deliver higher returns per dollar invested. how do we close that gap between perception and reality? >> thanks for bringing that up. that is such a critical point that is often lost. as one of our male partners has said, women are the most underrepresented asset in the world. investing in women is an incredible opportunity. if you care nothing about equity and only care about returns, you have got to be investing in women for the reasons you mentioned. some of the things -- we know they are both personal biases
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and systemic biases in the ecosystem. we are not going to fix all the biases that -- but seeing -- what we can do is fix some of the systemic biases. ics built into the system. three of the -- biases built into the system. ensuring their women in the deal flow. even among our own consortium where we have funds pledged to female founded companies. when they tell us they have not managed to do more over a time as we track them, we find they have not changed their processes. you keep doing the same things over and over, you are going to keep getting the same results. number two is ensuring that women are getting through to be considered for due diligence. being in a deal flow and front of an investment community is
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another thing. we had one big european fund say to us, when women come through our doors, they get treated equally. i said, how many companies have invested in? they answered in the beginning, none. you may not have thought about what it takes for women to get to and through your doors before they even face your investment committee. there are many things we have to change in order to ensure female founders are invested in. emily: what happens in 2022? any predictions? is it a better year for women or not? >> we are up to mystic about 2022 because one of the exciting things i did mention earlier is the increase in exits. 2021 if we end the year in the direction we are going now, it will be the 11th straight year for companies to exit the
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broader market. generally higher valuation for. dollars -- four dollars invested. we see among our own funds that have begun to invest in for mill founders and increase their investments that they are seeing more and more exciting outcomes. we already have eight female founded unicorns in the portfolio companies. we have many others scaling rapidly to successful exits. we think that success meets success. that is what we like to say. emily: celebrating the progress here and hope to see more of it. the on the billions managing partner. thank you so much for stopping by and sharing that with us. coming up, how levi's is handling the supply chain crunch and bringing on new technology for their products. as we head to break, let's check on at sea. shares down 2% after results
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giving a lackluster forecast suggesting growth is hard to sustain. sales more than doubled in 2020 as consumers turned to online shopping sites through the pandemic. this is bloomberg. ♪
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emily: welcome back. the supply chain crunch ain't
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easing up and it is affecting virtually every business including levi's, the company that literally invented bluejeans over a century ago. i caught up with the president and ceo to talk about how the powering through the crisis and what they have learned from the pandemic. >> you think of supply chain, think of two broad buckets. one is sourcing and when is cost. on the sourcing side, we want to put all our eggs in one basket. we source across 24 countries. not from any single country do we source than 20%. he talked about cost. given our global buying power, have negotiated the first half of the year a very low digit single inflation. the one thing that has been so hard is resonating with consumers who continued to take pricing during the pandemic. the brand has pricing power.
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>> levi's 2021 for your revenues are on track to match 2019, for filling the pledge to emerge stronger from the covid crisis. >> we committed a the middle of the pandemic that when our revenues got back to pre-pandemic levels, our margins would be up more than two points and we have delivered on that. >> with the virus still weighing on consumer confidence and supply chains and inflation surging around the globe, this is no time for any retailer to relax. >> as you look forward over here, the biggest question is who is going to take the learning from the pandemic versus who is going to go back to what they did in the past? > i think over time because of what we learned over the pandemic, there is going to be thinking about, how do you globalize your supply chain? do you concentrate on a few countries? do diversify? you bring some production home? one of the programs we started a couple years ago was our program
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using lasers to finish your denim product. they used to be done by hand. it used to be done overseas. now we bring in the blanks and we finish it. we are in the process of expanding the program around the world. people need to think about different ways of doing it. i believe technology will play a key role. emily: speaking of this new letter technology, i figured i would check out how it is done. take a look. >> you can come down here and we all love our damaged and destructive chains. emily: yes, we do. a little damage. but that was not even the coolest part. ok. we are going to see my damage on there? oh my goodness. that is amazing. like that, a distressed pair of
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levi's that needs one short wash to be ready to wear. these technologies are already in years and already delivering results. >> we have reduced the amount of water by almost 90% across most of our product line over the last 10 years saving billions of liters of water. finding new ways to finish the genes that are much more sustainable. emily: how long can you recycle the water for? how long before you have to dispose of it? >> with a laser finishing that we use in many of the factories, we can recycle the water virtually endlessly. >> on the right, these are traditional washing machines. they use a lot of water. on the left is an ozone driven washing machine, no water. it washes the pants exactly and using this technology, all our factories now use that technology. if you go back and looked at how much water we have saved since
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2011, it is approximately 13 billion liters of water. emily: that was the levi's ceo, president and ceo talking to us down the street at levi's headquarters in san francisco. don't miss the premiere of chief future officer featuring him later tonight. 9:30 p.m. new york time right here on bloomberg television. that does it for this edition of bloomberg technology. make sure to tune in tomorrow. we have the qualcomm ceo and eric schmidt of schmidt futures. the former ceo. you don't want to miss it. this is bloomberg. ♪
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haidi: a very good morning. buckham to daybreak australia. we are counting down to asia's major market -- major market shery: i stocks extend record highs and the bond curve steepen after the fed signals it is in no rush to raise rates. haidi: qualcomm's rallies and surging demands and brightens


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