announcer: silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i am emily chang in san francisco. coming up, it is britt taylor's weekend we are living in it. he is salesforce's new co-ceo, the news coming today after ta

>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, #steppingdown. jack dorsey resigns as ceo of twitter. we will talk about what new leadership means for the future of the internet town square. plus, omicron. how worried should we be? the world health organization says despite milder symptoms, the new variant could fuel surges with severe consequences. moderna's co-founder joins us. and the return of black friday. visits to stores and shopping centers up 48% from a year ago, but still well below pre-pandemic levels. how is cyber monday stacking up? we will discuss. first, let's get a look at the market stocks climbing and bonds falling after a relative sense of calm returned to global markets. investors reassessing worst-case scenarios for the omicron virus strain. kriti gupta joins us. how are investors digesting this today? >> they're turning back some of the panic you saw on friday. especially with the oma c

. ♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, #steppingdown. jack dorsey resigns as ceo of twitter.

. ♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. coming up, jack dorsey resigns as ceo of twitter. we will talk about what new leadership means for the future of the internet town square. plus, omic

. >> a warning to silicon valley. the information commissioners that are working to rein in advertising techniques plus an old tracking practices. the executive director says many of the new proposals are positive but they don't fix some fundamental issues. singapore can stop a surge to help the minister give credit to one of the highest vaccination rates in the world and growing national immunity. china appears to have accepted an apology by jp morgan ceo jamie dimon a day after he jokes his bank without last china's communist party. he said he regretted making the remark and should not have made it. china's foreign ministry says it was the right attitude. jp morgan has a most $20 billion of exposure in china. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright, this is bloomberg. anna: a bit of breaking news from france, across the european union, the french health minister. the fifth covid way will be stronger.

she comes across as a chief executive, not a flashy silicon valley leader. in this case, almost more lawyerly. very calm. calmly answering questions, leading questions often by her lawyer, presenting herself to the jury and the world as somebody who was in charge, flying high, and not aware of all the details that might have led to the charges that she faces. just not aware of all the details that led to the criminal charges she is fighting now. caroline: ok. sort of claiming i have a deep -- claiming naivety. the devil will be in the detail, the detail that she perhaps didn't grasp. i will be exposed in the cross-examination, i imagine -- that will be exposed in the cross-examination, i imagine. >> she did at one admit to a -- at one point admit to her problem. she can just ignore the charges. she does have to address them. at one point, she did admit she did something wrong. she wishes she had done it differently. which is to lift the logos of pharmaceutical companies onto reports that she used, that she said were endorsements of her technology, in order t

. ♪ >> from the heart of where innovation, money, and our collide -- power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang. caroline: i'm caro

. ♪ >> from the heart of where innovation, money, and our collide -- power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang. caroline: i'm caroline hyde, in the for emily chang. this is "bloomberg technology." coming up in the next hour, supply chain pain. retailer struggling to keep supply up with demand. amazon.

>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology." ♪ caroline: i'm caroline hyde, in for emily chang. this is "bloomberg technology." building cutting edge chip fabrication plant in the longhorn state. travel bookings at a record. get a look at what to expect ahead of next year. and taking a look at supply chain issues ahead of the holidays and if supply will be able to meet demand. will catch up with the shutterfly ceo on holiday predictions. we will get to all of that in a moment, but let's get a look at the markets. the tech sector. kriti gupta is in the house. ♪ kriti: it takes a cue from oil, i will walk you through it. today's big news was the release coming out from the biden administration, 50 million barrels put on the market for oil and a way to combat the inflationary pressures you're seeing. to take away for the market is that it is a short-term solution. the oil price still higher at the moment, looking ahead to the demand after the sdr impact. that's where you start to see yields creeping a li

. ♪ >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology." ♪ caroline: i'm caroline hyde, in for emily chang. this is "bloomberg technology." building cutting edge chip fabrication plant in the longhorn state. travel bookings at a record.

. >> from the heart of where innovation, money, and power collide, in silicon valley and be line -- and beyond, this is "bloomberg technology." ♪ caroline: i'm caroline hyde, in for emily chang. this is "bloomberg technology." anna cutting edge chip fabrication plant in the longhorn state. troubled

>> from the heart of where innovation, money and collide, in silicon valley and beyond, this is bloomberg technology with emily chang. caroline: this is bloomberg technology. we will take a deep dive into president joe biden's pick for jerome powell and lyle brainard. will this help avoid a contentious battle heading into an election year? let's take a quick look at the market reaction to the announcements. big tech took a hit we maybe see -- took a hit. we may see a more hawkish tone. many felt brainard would be a dovish voice. no news on what sort of -- who will head that part of the federal reserve. largely because we did not see yields push so much higher. that is we expect a rate hike as soon june 2022. gold futures fall down 2.4% as inflation could be tamed somewhat quicker to bitcoin at 56,000 off of its highs. not proving much of inflation hedge. it was down on the day. some of the key tech names under pressure. the two your yield -- the two your yield. the dollar index continuing to rally up for tens of a percent. emerging markets feel the brunt. i do want to welcome our bloomber

. >> from the heart of where innovation, money and collide, in silicon valley and beyond, this is bloomberg technology with emily chang. caroline: this is bloomberg technology. we will take a deep dive into president joe biden's pick for jerome powell and lyle brainard. will

announcer: from the heart of where it ovation, money and power collide in silicon valley and beyond -- this is bloomberg technology with emily chang. caroline: i'm caroline hyde in for emily chang. in the next half-hour, we will take a deep dive in two president biden's pick for chair and vice chair of the federal reserve. has the president avoided a contentious senate battle? let's take a look at the market reaction to those announcement because big tech took a hit. we may be seeing a more hawkish tone as the fed chair remains in place. many felt that brainard would be a dovish voice. no news on what sort of bank supervision. still three more seats to fill. the kbw bank index -- we did not see yields push higher as we expect a rate hike as soon as june 2022. gold futures fall as inflation could be tamed somewhat quicker than the market anticipated. bitcoin up off its highs, not much of an inflation hedge, more of a risk asset. the s&p 500 falls from its record high as we see some of the key tech names under pressure and the two year yield, an auction with soft demand overall. the dol

announcer: from the heart of where it ovation, money and power collide in silicon valley and beyond -- this is bloomberg technology with emily chang. caroline: i'm caroline hyde in for emily chang. in the next half-hour, we will take a deep dive in two president biden's pick for chair and vice chair of the federal reserve. has tsi

♪ >> in silicon valley and beyond, this is bloomberg technology with emily trying. ♪ caroline: will wald will estate is uncertain. property sales are surging and bringing in real-life dollars. we will have the latest on the matter. we will get to this in a moment but first, i look at the market starts after remarks from the fed officials that amount to concern about another wave of the pandemic in europe and more lockdowns. it paints a picture where people want tech. >> it was dependent on what the fed said, whether inflation is transitory and whether the supply chain concerns are piling up and whether you start to see covered lockdowns in europe spill over the united states. the big tone of today was risk-off. you saw this year with a little bit of a bid in treasury yields going down three basis points. tech outperforming and crypto was up 2.2%. wrote -- usually it is a risk sentiment gauge geared let's get to the story here, semi conductors in particular. semis and ev. as you see the ev boom, you see them needing more semi conductors with a. . stock rising more and more. i want to hit

. ♪ ♪ >> in silicon valley and beyond, this is bloomberg technology with emily trying. ♪

announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, the chip shortage is no crisis for nvidia. shares of the largest chipmaker spiking. we dig into the company plus bet on the metaverse and the status of its bid to buy a u.k. chipmaker. plus, while other tech giants say the metaverse is the next frontier, there is value in their oldest offering. my exclusive conversation with the ceo of alphabet about the company's next trillion dollar opportunity. and amazon web services ceo adamson lipsky joins us to talk about the changing of the guard. what he has to say about andy jaffe succeeding jeff bezos and his vision for managing the flight to the cloud. we get to all of that in a moment. first, let's take a look at the market. stocks falling on concerns inflation will threaten a global economic rebound, forcing central banks to raise interest rates sooner than expected. our kriti gupta ha

announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, the chip shortage is no crisis for nvidia. shares of the largest chipmaker spiking. we dig into the company plus bet on the metaverse and the status

announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, the chip shortage. we take into nvidia's bet on the metaverse and the statusf

valley and wall street and not washington, d.c.? david: that is a good question. you can make staggering sums outwitting the regulators. all you can do is make examples of people who have made mistakes and hope that will trickle down to other people, but it is impossible to catch all of the evasions going on. tom: and overarching questions and i say this with immense affection, we are now to robinhood et. al. have we gone too far in a search for depth of our fit in a narrow spread that may benefit somebody harm others? david: younger people are coming into the market and trading as day traders, hour traders, minute traders, but there've not been gigantic losses because the markets have been robust. if the markets go down, we will see who is swimming without a bathing suit. tom: tell me about what gary gensler's approach is, the to do writ -- the to do list on the immediate see for his slow-motion agents the -- slow-motion agency. david: he has a lot of smart staff people, he asked them to deal with the challenges he asked them to de

in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up, activision blizzard employees taking a stand, staging a walkout to press the ceo to stop down, this after a report he was aware for years of sexual misconduct claims, including allegations of rape and activision studio. we will bring you the very latest. plus, it has been an uphill climb for peloton. shares jumping after a $1 billion stock offering brings in major investors. will this take the connected fitness company over the hump, after its grim forecast from mike's sales and sign-ups? we will discuss. and roblox shares on the rise after four days in a row, including its investor day today. our exclusive interview with ceo david bouzouki about finding new ways to play games in the metaverse. for now let's get a look at the markets with bloomberg's kriti gupta. stocks getting a lift from solid economic later today. kriti: the green on the screen, the question is consumer spending and we got the answer pretty loud. it i

in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up, activision blizzard employees taking a stand, staging a walkout to press the ceo to stop down, this after a report he was aware for years of sexu

announcer: in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: this is bloomberg technology. coming up, activision blizzard employees taking a stand, staging a walkout. this after a report the ceo was aware for years of sexual misconduct claims including allegations of rape at an activision studio. we will bring you the latest. it has been an uphill climb for peloton. shares jumping after a $1 billion stock offering brings in major investors. will this take the fitness company over the hump after its grim forecast for sign-ups? roblox shares on the rise after four days in a row, including today. our interview with david bouzouki later this hour. let's get a look at the markets with pretty cooped up. sox -- >> the green in the markets is where we ended up but the question is consumer spending. we got that answer loud and clear, it is. data actually showing spending is higher over month. and earnings from home depot and walmart signaling monetary support has not gone yet. s&p 500 up. we still saw tech outperformance. ultimately closing with tech as one

announcer: in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: this is bloomberg technology. coming up, activision blizzard employees taking a stand, staging a walkout. this

announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, president biden promises change for the better with his new infrastructure law coming at a precarious political moment as polls show overwhelming pessimism across the u.s. about the economy. we will break down the details. plus, another twitter filled weekend for elon musk the world's richest person taking on senator sanders. wide twitter users believe he could be hinting at selling more --tesla shares. and he's the youngest ceo of a public company on track to transform the trucking kindest re-dutch industry. -- the trucking industry. i will be speaking to the ceo of embarq. let's get a look at the markets. kriti gupta has the full picture. >> names like tesla and nvidia down on the day but then you have facebook and alphabet higher on the day. the s&p 500 index essentially unchanged on the day. another thing it shows is a risk off day with the c

. ♪ announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, president biden promises change for the better with his new infrastructure law coming at a precarious political moment as polls show overwhelming pessimism across the u.s. about the economy. we will break down the detls

. ♪ announcer: from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, president biden promises change for the better with his new infrastructure law coming at a precarious political moment as polls s

announcer: from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: this is "bloomberg technology." ge, toshiba, and johnson & johnson announcing a breakup. we will discuss. plus, a disney plus stumble puts the damper on the birthday party, how less subscriber growth overshadow the celebration. carson block is back, talking about elon musk and retail investors. what he has to say about meme traders. markets climbing. inflationary pressures continued to reverberate through the markets. ed ludlow is fear. -- here. ed: no worries. we get past those concerns and technology leads the way. nasdaq 100 outperforming the s&p 500. also strengthen the m egacaps, google, facebook, tesla. inflation is the name of the game. the strongest print in october, the fastest pace of inflation growth since 1990. i wasn't around in 1990. you look at the categories in which prices are rising, there is concern. why? because the u.s. consumer has been driving economic recovery, supercharged spending, but with energy r

. ♪ announcer: from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: this is "bloomberg technology." ge, toshiba, and johnson & johnson announcing

from silicon valley and beyond, this is bloomberg technology with emily chang. emily: i am emily chang. this is bumper technology. elon musk unloads $5 billion worth of tesla shares as the billionaire tax debate continues to rev up. he plans -- planned to sell them long before his twitter pole. we will talk about what that really means. bumble shares falling to their lowest levels after a drop in subscribers at its europe eating -- european dating app. we will talk about the future of dating in a post-covid world. and alibaba raking in more than $44 billion in sales. how this impacts the chinese tech giant after a year of scrutiny from beijing. let's get a look at the markets. u.s. stocks playback rebounds. disney sloping on the back of earnings. quite a few to have the s&p jumping back a little higher today. more than that, you have the nasdaq rising higher than the s&p. the russell 2000 is rising higher than that. you do have a pretty broad-based rise here. that volatility has not been enough to deter some of the risk-taking we have seen. we have the crypto in

from silicon valley and beyond, this is bloomberg technology with emily chang. emily: i am emily chang.

>> from the heart of where innovation, power, and money collide, silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: debates continue to rev up. he planned to sell them long before his twitter pole. we will talk about what that means. humble shares dropping after a drop in the subscribers at its european dating app. we will talk about the future of dated and a post-covid world. the record-breaking shopping festival, singles' day, raking in sales. how it impacted the chinese tech giant after a year of increased scrutiny from beijing. we will have a look at that again in a moment. but first, tesla fluctuating on the back of share sales. sonali basak has the full picture. sonali: you have the s&p jumping back a little higher. not a big one but it was after two days of decline and guess what, more than that the nasdaq is rising higher with the russell 2000 rising even higher than that. you have a pretty broad-based rise here on the day with volatility that hasn't been enough to deter some of the risk-taking we have seen. our crypto index is a bit lower today

. ♪ >> from the heart of where innovation, power, and money collide, silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: debates continue to rev up. he planned to sell

in silicon valley and beyond, this is bloomberg technology with emily chang. >> i am emily chang in san francisco and this is bloomberg technology. coming up in the next hour, tough times at the house of mouse. disney plus subscribers trailing netlist by a longshot. is disney's trimming service struggling to broaden its appeal after an explosive start? we will discuss. the electric truck maker going public, raising leaven $.9 billion in the biggest ipo. the exclusive combination -- conversation with the company ceo. and doordash after an $8 million deal to buy in then delivery service, vote. let's get a look at the markets with critic group debt. u.s. stocks fell by the most in a month. paint the picture. >> stocks are taking this from tech. here is what did not get dragged down. this is chinese adrs, tech heavy. good news in the regulatory backdrop. i want to broaden this out and macro this just a touch and talk about tesla's role in this. tesla, we know this ev space has been driving a lot of gains in the broader index but if you look at a terminal chart of tesla and the current s&p 5

after silicon valley, which is to say, disruptors, what did they do? they identified a large market that was not being fully in property -- and properly served and said i will provide a solution. 95% of our revenue comes from permanent capital vehicles, so we have attired different offering -- entirely different offering. we said there is a chance to be that disruptor, and then we purposely built a business model that looked like a tech company. we did not start and say our base model is a bank, and how do we become a better bank. we started by saying cure is a necessary service that if we can do a great job delivering the product we can earn really attractive risk-adjusted returns , and this is the important point for our shareholders. we look a lot like a sas business and people do not map technology to wall street, but we have done this consciously. >> where businesses are set up to deliver to their end to gives her a certain set of services, but if you held our income statement against any other sas company you would be surprised how similar they a

. >> we fancy ourselves a bit like silicon valley, but it is that we modeled our business after silicon valley, which is to say those disruptors, they identify a large market that was not being fully or properly served and say i am going to provide a security solution. we managed primarily permanent capital vehicles, so we have an entirely different offering to the issues of capital. we can provide different duration and structures from anybody else. we said there is a chance to be that descriptor, and we purposefully built a business model that looked a lot more like a tech company than financial services. we did not start and say our base model is a bank. how do we become a better bank? we stood by saying here is a necessary service, and if we can do a great job delivering that product we can earn attractive returns, and our business attributes, and this is an important point, we looked a lot like a sas business and people do not map technology to wall street, but we have done this consciously. >> where businesses are set up to deliver to our end anticlines a certain set of services,

>> silicon valley and beyond this is bloomberg technology with emily chang. emily: i am emily chang in san francisco at this is bloomberg technology. tough times, new disney+ subscribers drilling netflix by a long shot. is disney's streaming service struggling to broaden its appeal after an explosive start? we will discuss. no stopping for vivian, the drugmaker goes public -- truck maker goes public. our exclusive conversation with the company's ceo this hour. she was of doordash hit a peak. visio will tell us how he expects us to hyper skill growth. let's get it look at markets. u.s. stocks fell the most in a month. >> talks taking a breather and it comes down to tech leading the charge lower. a lot of it has to do with big tech. over into semiconductors as well, down 2.8%, software stocks taking part of the blow. here is what did not get dragged down, china's adr's, good news in the regular tory vectra. i want to broaden this out and talk about the s&p 500 and tesla's role in it in particular. we know the ev space has been driving broader gains, but if you

. >> silicon valley and beyond this is bloomberg technology with emily chang. emily: i am emily chang in san francisco at this is bloomberg technology. tough times, new disney+ subscribers drilling netflix by a long shot. is disney's streaming se

valley. the group is being spearheaded by denmark and costa rica. it is expected to announce as many as 10 to 15 new members. the u.k. says it is joining because ending fossil fuel -- is not joining because ending fossil fuel production could cause a cliff edge and energy supply. the retail chain -- marks & spencer ceo warned of rising cost pressures and said there are still those supply chain problems. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: at the conference all we are hearing is calls we are in a bubble, things will end badly. a product of a controversial merger. the new york-based firm has $70 billion in assets. bloomberg's erik schatzker spoke exclusively to its cofounders on why the only way to get there merger done was through a spac. erik: why do a spac? >> it was the only way to do it. we had a private company that was interested in the idea

cofounders michael reese and michael short adopted a silicon valley type business model for financial services. they spoke to erik schatzker for bloomberg. we said -- >> we said there is a chance to be that disruptor, and we purposely built a business model that looked a whole lot more like a tech company than financial services. we did not start and say our base model is a bank, and how do we become a better bank. ritika: you can watch the entire interview tonight on bloomberg tv starting at 9:30 new york time. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i ritika gupta. this is bloomberg. guy: thank you very much, indeed. the super return international summit is back in berlin some of the world's largest private equity and venture capital event. joining us now from the summit, bloomberg's dani burger. were to you. -- over to you. dani: i am pleased to say we are joined by ursula burns, the founder of integrum holdings. of course, you were formerly the ceo of xerox as well. you are on man

it is a case of three you court fights in a case to rein in silicon valley. the u.k. won't join an alliance being spearheaded by denmark and costa rica, expected to announce as many as 10 to 15 new members today as climate talks in glasgow, but the u.k. says it isn't joining because ending fossil fuel productions could cause a cliff's edge in energy supply. tesla has stabilized after a two day, 16% loss. that the klein cut almost $200 billion off the electric carmaker's value, and $50 billion off elon musk's personal fortune. he is still the world's richest person, though. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> powell and brainard are an amazing team. together, they do so much more. and i think this could very well be because they come at it from different backgrounds. powell has looked to brainard for a lot of intellectual leadership. i think they would be a really knock it out of the park, powell as chair, brainard as vic

>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ caroline: i am caroline hyde in for emily chang, and this is "bloomberg technology." coming up, bitcoin soares and coinbase slumps. third-quarter results missed wall street estimates. users are declining. plus, robinhood data breach is a nightmare. five million email addresses were hacked. can the company live up to the safety mantra. firstand we speak with a ceo on making health care easier, and the series e finding that the company just got to make that a reality. first let's get a look at the markets. u.s. stocks halted their longest winning streak since 2017 in terms of the s&p 500, sending major indices a little bit lower off their all-time highs. kriti gupta to break it down for us. kriti: after an eight day winning streak, stocks ending in the red. the s&p 500 down 0.4%. big tech not coming to its rescue. the new york faang index down on the day. what stayed in the green all session long? cryptocurrencies, up 3.6%. i went to delve into

. >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ caroline: i am caroline hyde in for emily chang, and this is "bloomberg technology." coming up, bitcoin soares and coinbase slumps. third-quarter results missed wall street estimates.