nevertheless, amazon up now by 0.5%. guy: we are also getting the budget details coming out, the skinny budget if actively being delivered by the biden adminstration. the biden adminstration is seeking an 8.4% fiscal year 2022 budget increase. that takes the number up to $1.52 trillion. the headline this dropping on "the new york times" is worth bearing in nine. basically, an increase in terms of the budget for fiscal 2022. the money just keeps pouring into the economy in terms of the physical process being delivered here. it is going to be interesting how the politics works around all of this. i continue to follow mr. manchin on that front. alix: so $14 billion in climate change investments, for ev and charging stations. that is a pretty interesting one as well. also, biden is now creating a commission to study expanding the supreme court. it is interesting because that has been sunday discussed once you had president trump at the last justice on the court. the real issue is how much more of that nondefense spending is

amazon and twitter earnings out. more on that and u.s. stocks across the board which rose to a record on thursday. quick screen on the screen when it comes to major averages. you can really see that is kind of a diversion. the s&p 500 higher, a lot of that thanks to big tech, even though they did not lead the indices higher, probably underperforming, but there is a diversion in the index, housing versus the nasdaq. i want to go overseas and show you that is not the case. when you look at the golden dragon index on a three-month timeline, tech trading sideways, maybe some marginal gains. monumental losses in this index. this is the one that has jd.com, alibaba, so that story is a big narrative in china now. stateside, the boards one more time, semiconductors. emily, you talked about that shortage. it is important to note that was part of the dynamic for caterpillar, apple, about how it could hurt their business to the downside. that helped semiconductor stocks. that demand story is not going away. you are seeing in the biotech index, some

we are sticking with amazon. let's take a deeper dive. let's bring in long time amazon veteran, melissa. huge numbers. lots of momentum. i wonder if this is the last quarter they will have that boost. what happens in the next quarter? melissa: this, i don't know if it is the last golden quarter, but starting q2, that will get harder. a very fine line item in this report, they mentioned prime day would be in q2 this year. that is an interesting data point. they are able to pull forward demand to q2 to help them, similar to what they did before. emily: that is interesting, moving prime day to june. do they need prime day to meet those numbers? melissa: absolutely. they are looking at comps year over year, and the only way to drive that demand is to move that event, like they did last year for q4. usually it is in the middle of summer, a dead month, so that's why they did that, last year, they moved it from july to october to move forward demand. they are using prime day to drive demand. that is impressive. emily: could advertising pick up s

when i compare amazon versus apple, amazon had years of investment in losing money, which steals them from taxes for years to. come. -- shields them from taxes for years to come. 21% to 28 percent is not as much of a threat for amazon and apple as it would be for u.s. only company. lisa: -- even though they account for much smaller subset of actual sales. something like $15 billion of revenue. i wonder how much room there is to expand given some of the competitors, specifically microsoft, that are gaining a lot of clout. jonathan: i think microsoft is gaining but the story in 2021 for aws is amazon intentionally scaled-back usage for travel and leisure companies to help them save money to manage the pandemic. as we have the reopening and the economy rebounds, the travel and leisure companies will accelerate their spend on cloud computing, including aws. that will benefit them more than any competitive pressure from microsoft. lisa: this is for tom keene. why didn't they do a stock split? tom: for tom keene. i have followed the internet long enough to remember that in the late 1990's a

you compare that with amazon. amazon has lagged those two major indices year to date. it's underperformed the nasdaq 100 and the myc faang plus index. come with me into my bloomberg and look at this chart. all the narrative around the vote going on with the union and amazon. 2020 was a big year for amazon. bottom line growth was pretty incredible. you can see their quarterly net income. but it also put in focus how amazon has grown, and therefore, the working conditions at some of its warehouse and fulfillment centers. that's the question, what is mark mahaney looking at? i'm really interested to hear that. but that's really the discussion for investors. where will growth come from for amazon? aws and the cloud has been such a big story around us working and learning from home in covid. you've got the questions, emily, so why don't you ask them? emily: indeed, i will. ed ludlow, thanks so much. facebook, but when it comes to amazon, some have a strong outlook of growth on the retailer. mark mahaney has the companies -- company as one of its topics, citing acceleration

amazon's jeff bezos weighs in. speaking of amazon, the vice president of the company's cloud-based services will be among our guests wednesday in bloomberg tactics special -- bloomberg tech special, "chip crunch." we will examine the global surprise shortage and talk to ceos at nearly every stage of the production process, we will speak with the global foundry ceo and covering the chips shortage from all angles in our special, wednesday. this is bloomberg. ♪ ♪ emily: the tax plan president biden laid out will likely hit attack and to pharma particularly hard. -- hit tech and pharma particularly hard. the challenge for legislators will be to minimize loopholes that could diminish the impact, according to tax experts. i want to bring in bloomberg's laura davison who has been covering this in depth for us. what stands out to you? laura: tech and pharma have had the run of the tax code for a couple of decades. they have had all of the tax breaks advantages to them and they have had the flexibility because they were

amazon will be a big winner. the amazon business has been strong. last night they announced a new deal with disney plus. they are continuing to be a juggernaut in the retail and technology, and just dominating our numbers will probably go up. our model will have to adjust after their reporting. i'm expecting good results. lisa: a juggernaut with a target on its back. we saw apple trying to get ahead of that. are we going to hear something similar out of amazon? joseph: i think they are. they continue to invest in the future. they are getting closer to the customer with more facilities, whether it is distribution or grocery. they are leveraging new technology. we will have contactless shopping at a new level because of the technology amazon has. distribution capabilities continue to improve. aws, they are becoming more dominant there. with more people working from home and that likely to continue, aws becomes more important to have things in the cloud. they will continue to push and lead the direction for most others in the consumer space. troy: ther

amazon violated labor law by firing to activists last year. the white house rules out vaccine passports. a new study shows modernity's covid vaccine lasts more than six months. what will new variants spreading fast, how many more boosters will we need with that? modernity co-founder will be my desk -- guess. the markets where equities hit all-time highs before dropping sharply. >> it was a bit of a mixed bag today. we won't get the big benchmarks, the s&p and then nasdaq's. they ended slightly lower, down a 10th of a percent. the big action happened in the chip space after republican said they were willing to work with democrats to address the global chip shortage. that's 1.2 percent off the semiconductors index. and it will outperform a bit, breaking away from the broader tech sector in notching a game. in general you are starting to see things leave the tech space. volatility index it's close to its lowest level in about a year after a pretty rocky start to 2021. creeping lower, and the next chart explains why. look at the nasdaq 100's daily

amazon sailed past amazon -- estimates well twitter tumbled. chinese regulators

amazon has taken a commanding lead in a historic election to determine whether workers at an amazon warehouse in alabama will become the first in the u.s. to join a retail union. with about half the votes counted, amazon is ahead by a two to one margin. the retail, wholesale, and department store union calls the system broke in and says it will appeal. 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. ♪ >> populism, if it keeps going on for too long, just blows up. if you get a lot of stimulus, you say that works great, let's do it again. let's keep doing it. that is how you get into trouble. jonathan: the words of the harvard university professor of economics and public policy, catching up with us right here on "bloomberg surveillance" just moments ago. good morning. alongside tom keene, i'm jonathan ferro. lisa abramowicz back with us on monday. let's look at the price action to get you set up for this friday morning. equity futures breaching 4100 briefly on the

we will have the latest and amazon's response. it is on track to be one of the most successful fund launches ever, the architect space etf which gained $500 million in its first five days of trading. the story of wework's rise and fall, including controversy around its founder. the story captured in a new documentary that investigates its origin. we will talk to the filmmaker behind it. all of those stories in a moment, but first, stocks climbing to another record as investors focus on prospects for an economic rebound. >> as the screen shows, it was a strong weak overall for the stock market. the s&p 500 and nasdaq 100 both ending higher and this was the third week of gains in a row for both of those benchmarks. chips had a good week, lagging a little bit, but still positive. it was your faang names, the start of the show. that index up 4.6% -- 4.8%. we have seen a big rebound in this sector. the nasdaq 100 closed at a new record today and there is a rocky road getting there. the index went negative on the year in march, but rebo

on the amazon side, we have been innovating in our supply chain, it is in the dna of what amazon does. making sure there is enough chips available for demand is critically important. we are very confident in where we are from a supply chain point of view at this point in time. we have been able to withstand things like we had in covid with incredible demand on cloud capacity, but also making sure we have the necessary supply, and whatever we could do would be critical for everyone involved. emily: dave brown, vice president at amazon, thank you for joining us. really interesting to hear more about the work you are doing and work to come. still ahead, we will speak to the ceo of global foundry, who will be attending president biden's chip summit next week. his thoughts on the competition with tsmc and samsung and when the chip shortage will be over. this is "bloomberg technology: chip crunch." ♪ emily: welcome back to a special bloomberg technology: chip crunch. when it comes to the foundry business, the business of making chips for other companies, manufacturers in taiwan and south

caroline: amazon blowing it away , a dip u.s. as well, firing -- aws as well, firing on every cylinder. s&p 500 at a record high, even though we saw pullback in the automobile sector, really hurt by the supply chip issue, even caterpillar. >> absolutely. apple as well. it if you look at these correlations, i'd love to look at these correlations, if you look at the semiconductor index, which will be a key portion when we are talked about what is priced into the market, you have seen the shortage showing up in that come up because when you have more demand, it pushes stock higher, and you wonder how that will show up another's thoughts, so industrials is a great example, because we did hear from caterpillar, like you mentioned, how is that showing up? if you look at the correlations with industrials, you have seen that build up. if you see that semiconductor rally continue, given the shortage, the demand into 2022, perhaps that means a pullback for other stocks inhibited by it. joe: great stuff. thank you. another thing moving mark

amazon crushed estimates. it is their fourth quarter of a hundred pleasant -- 100 plus dollars revenue. twitter after reporting earnings, getting crushed. getting absolutely penalized. jonathon: what do you make of that? third quarter revenue up 44%. apple app store negative in yesterday's session. the negatively skewed price action. lisa: the question is is it peak growth. it seems like for the big companies, it is anything but ptech -- but peak growth. it seems like anxiety. perhaps they price in too much perfection especially after data comes out showing the region. maybe people feel like the good times cannot last much longer. jonathon: we will talk about this later in the hour. euro-dollar back through 120. negative growth in europe. positive growth in america. that story is well known through q1. i thought q2, q3, q4, things start to pick up a little more. europe starts to participate in this global growth story. lisa: i don't know what to make of it. i have no idea why there is not more of a rally in te

you talk about the amazonization of the american economy. do we underestimate the cardboard boxes and the cloud out there for mr. bezos? peter: amazonization has a number of factors, but one important for the fed is despite this very rapid growth and a tightening of the labor market, unlike what we have seen for quite some time, amazonization is a factor we think will keep inflation from getting out of control. certainly the vast increase in new information flow about supply and demand of all kinds of commodities and services, price information globally is going to keep, after some initial disruptions as bottlenecks appear during this normalization process, amazonization working in the background will be there. lisa: even at amazon we are seeing pressure in terms of labor shortages. having to offer higher wages to more people, not to mention the fact of unionization. jonathan: you want to stick cap you in? three, two, one. we are restarting. you can go again. we can tried again. lisa: there is a question about whether amazon will face longer

amazon also has that consumer spending. if you look at those five tech companies, amazon was the only one projected to actually drop their revenue compared to the other four. caroline: kriti gupta, we thank you so much. we have some more breaking news. one of the most valuable companies in the world, worth $1.9 trillion, saudi aramco. a multifaceted company. the saudi crown prince is saying they could sell more shares, shares could be transferred to their public investment fund. they could sell a 1% stake to a foreign company. romaine: interesting story. we should probably get some more details on daybreak: asia. coming up on this program, we will continue our earnings coverage. we will discuss the latest out of the cfo coming up next. this is bloomberg. ♪ romaine: alphabet earnings of course are out. $45.6 billion in first quarter revenue. that includes some of the payment and distribution partners. ad revenue docked it out of the park again, particularly on youtube. ruth porat making some comments a little earlier ago o

rishaad: amazon providing a big increase in sales and -- amazon -- i am vonnie quinn, this is bloomberg. rishaad: it might be ameliorated. some people can go on main street. >> actually, amazon says they believe people will continue this pandemic fueled buying friendly online -- frenzy online even after they returned to work. the first quarter revenue jump ed. jeff bezos had warned investors that the covid-19 pandemic would be costly. he wanted to build up all the warehouses, they added hundreds of warehouses. they spent a lot of time to make their warehouses say for the workers. all of these big bets paid off because the earnings were at a record $15 and $.79 per share. blowing away estimates. some of the other numbers that came in, they were a cloud computing venture. they have a segment called other. it is mainly ad revenue. if you go into bloomberg, there have been 24 straight quarters where amazon has really blown out the sales numbers. it is no wonder that at least one analyst called these latest numbers fantastic. amazon says it will be moving prime day, the big shopping bonanza

gil: the parallel to amazon is to say that up until amazon's ipo, the internet was really a thing on the side that did not impact a lot of other businesses , was not really in the consciousness of big business. amazon's ipo change that in 1997. since then, every business has been transformed by the internet. crypto has been on the side a little bit. it has been an interesting curiosity. when you have a $100 billion market cap company tomorrow when all they do is crypto, it will be part of the financial system. a lot of companies will realize they have to adjust and adapt to how crypto technology will impact their businesses. for coinbase to continue to be successful, they have to make that transition from consumer to institutional investors, at some point sovereign investors, and they have to continue to invest in the products that are more subscription-revenue oriented. those are the types of business that will stabilize the revenue. romaine: basically, we are talking about -- i believe we are getting a reference price right now here. when we talk about this, i also hear a lot, addi

the reps brands like amazon and the disney channel. all those stories and moments, but first the markets where it looked like a buy the dip day. >> cyclicals outperformed. materials and energy were in the green. what did not to doub -- not do well were tech makers. the nasdaq in the green. the new york faang index underperforming. this is coming as we see a pullback in the nasdaq volatility. i want to show you what the semi conductors did. positive action on the day itself, but on a one-year timeframe, you can say they tracked some of those 10 year breakevens that really comes into the forefront when we are talking about those unaccounted sources of inflation, that chip shortage is very much part of that narrative. look at the boards one more time. i want to show you some of the other sectors that did fairly well today. the nasdaq golden dragon up 2.5%. the likes of baidu, alibaba, jd.com, some cello verse coming from the asian session. we will see if that continues in a few hours. we have electric vehicles as well as nasdaq biotechs d

adam brought connections to amazon when he came and we have great partnerships with amazon and all cloud providers. because there is an amazing data landscape out there. and the cloud providers have been providing amazing abilities to put your data out there in such a way, so it is more important than ever that we partner with all the providers because this is where people's data is going. and we want to be able to work with people did no matter where it goes. emily: analysts said it was transformative, when salesforce bought tableau, pitting salesforce against microsoft. what has the acquisition been like? has growth panned out in that way? >> yes, the combination of salesforce and tableau has been amazing. it is like bringing peanut butter and chocolate together, right? you bring together these two amazing things that are better together. the customer 360 side of applications salesforce has, the most amazing business application on the planet, with tableau, the best tool to be able to see and understand data. those applications are built upon and generate some of the most valuable data

you get amazon after the close. abigail: this is a good sign for what amazon might do. the stocks reacting quite well. apple, facebook, qualcomm all beating and raising. actually, apple doesn't offer guidance. facebook, bottom-line growth really impressive at 93%. these are the big stay-at-home stocks. it seems as if the strength is continuing for them on a bunch of bases. service is down now 7.3%. this is one of the niche stay-at-home stocks. their guidance was taken down, reflecting the idea that as we come out of the stay-at-home stage and the reopening stage, this stock might not do as well. what is really fascinating me as apple. if we go into the bloomberg terminal, we see earlier today, apple reacted so well to this blowout quarter, crushing topline, bottom line. apple iphone sales really growing in a huge way. at the highs and the premarket, of about 3%. right around the open, taking a bit of a nosedive here. still higher about 0.5%. at one point, up less than 0.3%. but that is a really interesting reaction because of course, i know that you have really been fas

you also worked as the director for amazon prime for many years. how could quantum computing revolutionize a company like amazon? peter: quantum computing is good for solving optimization problems with a cost function. many business problems could be turned into an optimization product. for example, what is the optimal route to deliver a package to a consumer. that is something that logistics would be interested in because if you can just shave off time from a driver's delivery route come you can save a lot of money. for something like amazon, on the amazon.com side, they should have a lot of logistics attributions for quantum. you mentioned bill gates. things like carbon capture, better batteries, and even chemical applications. it turns out that in the production of fertilizer, about 1% of all the carbon emission, but bacteria know how to do it without any action. we just don't have a computer that can do that model, but with a quantum computer we will be able to do it. we can unlock without hurting the environment. these things are possible. emi

amazon on thursday. knowing my luck now, there will be a stock split later this week just for tom keene. apple committing $430 billion in u.s. investment over the next five years, adding 20,000 new jobs. tom: what is so important here, it is very lengthy, basically they speak like a government. what do you do when you're building a submarine or an aircraft carrier? you put the suppliers in 38 of the 50 states. that is pretty much what apple is doing. they are spreading out $500 billion over the 50 states, and the get state after state. i happen to be looking at texas, and the ability to grow out there. but there's many other cities and states as well. jonathan: tim cook will saying at this moment of recovery and rebuilding, apple is redoubling on the commitment to u.s. innovation and manufacturing across all 50 states. much more still to come on the story and the latest in bitcoin, with a big rally this monday. troy gayeski of skybridge joining us in about 20 minutes. equity futures down 0.1%. from new y

we will have the latest and amazon's response.

amazon sailed past amazon -- estimates well twitter tumbled. chinese regulators imposed sweeping curves on 13 companies. and china's big banks see profit margins squeezed as policymaking there's leaned on lenders to contain debt. shery: breaking out of south korea. we are getting industrial production numbers for march. we are seeing a contraction of .8%. it is a contraction from a revised upwards number of 4.4% and growth in industrial reduction numbers. we did see another wave of infections affecting south korea in march so we had a recovery and a slump in march. this is coming out a when we see volatility in the numbers. we see growth of four point 7%, which is higher than estimates and also significantly higher than february. all in all, we are seeing pretty strong external demand for south korean goods. we have seen manufacture confidence rising in may with samsung leading expectations. quarterly growth numbers turned positive so we will be watching that very closely. haidi: let's take a look at how we are setting up for the market open. w

amazon delivers. shares rise as the pandemic continues to

apple coming out tomorrow, amazon on thursday. into the bard month -- into the bond market, where yields higher which 1.5792%. racing through the earnings for you, this one is just for you, tom. tom: when you and i had lunch the other day, you had on those classic crocs. jonathan: i had no idea people actually wore these seriously, but apparently they do. tom: i bring this up because this is anecdotal. company to company, we are all focused on amazon and all that, but each company has a story about how they are doing in this horrific natural disaster. jonathan: they are doing pretty well, i raise -- pretty well, apparently. lisa: the story is that everyone is at home, and they prize comfort over all else. jonathan: this trend continues? people have just given up? [laughter] lisa: they've given into a new life. tom: -- joins us from washington this morning. jack, the president will speak, and it will be a most interesting speech to the middle of both parties. how do those middle parties shift with the census announcements yesterday

apple, amazon, google, microsoft. they have all done pretty well. -- done pretty well after the initial founders moved on. sonali: how does your book plan to address this aggression that is in the industry? do you think private equity will become a kinder place in some fashion? sachin: i think there's a lot of misconceptions about the industry, and thank you for mentioning the book. it is not about any particular firm. it is about the traits of success in the industry, the characteristics and principles of success in the industry. there is a fair amount of what i think is misconception, or sometimes you hear debates that are always on the extreme, either for private equity on one side or very much against private equity on the other. the truth is this is just another mainstream big franchise industry in our economy. so much like private equity when it buys a company, we really see what are the good things, what are the things that can change. i hope it is of interest. it should be out for presale soon. guy: we look fo

amazon saying it will boost pay by $.50 to three dollars per hour over 500,000 staff. they will be boosting from mid-may to early june and it is going to be investing over a lien in incremental -- over a billion for incremental pay. joe: jay powell said earlier he wanted to see wage growth. also breaking news from dow jones. verizon exploring the sale of media assets. those include aol and yahoo!. we will see more about what the plan is. probably not a huge surprise. more next. this is bloomberg. ♪ joe: ijoe: let's get a quick recap on those apple numbers that just came out. basically crushing on everything. q2 revenue, 89.5 a billion. all ahead of the 7.7 we estimates. every category. iphone, ipad, services, macs, all crushing estimates. stock up 3%. caroline: apple sales crushed wall street. other news on big tech to amazon saying they are hiring tens of thousand jobs in the u.s. boosting pay for three dollars an hour. amazon makes more than 100 billion per quarter in terms of revenue. it is investing in people. they are doing this sort of political gesturing as ap

emily: apple and amazon at -- amazon and google have talked more publicly about their return to work plans. we have not heard much about apple. what do you know about tim cook's desire to have employees back in the office? mark: in the beginning, the push was to get apple staff back into the offices as soon as possible, and apple has not talked about this. there have been apple employees still at their headquarters and offices around the world with essential functions all the way to march and the height of the pandemic, and they are using a four phased approach to return people to the office. phase i was the essential workers who were there from the beginning, and right now the company is in phase two, that mean some employees are able to go in if they would like. there is yet to be a full force approach to push everyone back to the office. i am expecting that to happen as early as the end of june into july after the developers conference. emily: it is apple's 45th first day, and tim kick sent a letter to the company that you obtained. he opens talking about the making of transformat

there is one exception to the rule, which is amazon. amazon had an extraordinary 2020. not just in terms of pandemic and e-commerce, but -- as well. that is one thing to ask your guests going forward how bullish are you that we will see the outline topline and bottom-line growth from big tech? and what will that mean going forward? emily: ed ludlow, thank you. we will be covering big tech earnings all week long. last week it was all about bitcoin, as prices spiked around coinbase's public debut. then there is a sharp drop in bitcoin. my next guest saying that impacted the opening trade. let's bring in chief market strategist, matt. why do you think we saw that steep decline in bitcoin after all of this euphoria last week? matt: a lot of it really had to do with technical trading. we know that it's really hard and there are no earnings in bitcoin to gauge on valuations. so long-term believers, they fully understand that this is a long-term picture. and we all know that big declines can be seen at 30% to 60%. it has had a 30% decline in the last couple of years. people we

imagine how we are going to reset tomorrow on amazon. jonathan: we talk about a quite selloff in the treasury market. we have had a move of 10 basis points on a 10 year yield on the week so far. 4200 on the s&p 500. there it is in futures. we are up seven -- .7%. goldman thinks maybe 80 in the next six months. we have a lot to get through. lisa: commodities super cycle seems to be a common theme. today is 8:30, jobless claims are expected to come down somewhat significantly. we are expecting a first quarter gdp number of 6.6%. there was a question here about how hot this economy can run before people recognize it as such. 11:00 a.m., randy pearl is speaking at an s.e.c. meeting talking about financial regulation. i wonder how much he is going to come out and talk about regulating some of the derivatives are giving more transparency around some of these trades. amazon and twitter expected to report earnings. i'm watching the stock price reaction. what exactly are they pricing in? it seems like no the really matters when it comes to the st

let's talk about the explosive growth at amazon. i feel like i might be personally responsible for this because all through the pandemic , i've been getting at least three amazon packages a week, and it seems everyone else's, too. revenue up 44%, and the thing about it is the outlook also very strong. the company does not think that pandemic online shopping behavior is ending anytime soon. that stock is higher by more than 2% in premarket trading. but talking about the advertising boom that you were just speaking to, facebook and google, the thing is twitter is not benefiting from that in the same way. it only had revenue growth of 28% in the quarter just reported. that met expectations, but it is much smaller than the growth seen for some of those other advertising competitors. the outlook also missed, so that stock is down by 12.5% in premarket trading. western digital is higher. it beat on the current quarter, eight on the outlook. it is benefiting from demand for those memory chips. texas roadhouse, apparently people are very hu

amazon was cut off in the infrastructure after biting cited amazon as a company that did not pay any income tax. arent says -- haram says it's nuclear deal, it demands that the u.s. remove all sanctions for any real progress. they rejected the u.s. releasing $1 billion in frozen oil revenues. aransas -- haram's legal -- around lead negotiator is sent to me again on friday. vladimir putin is set to take part in a climate summit organized by joe biden this month. the kremlin is working on an address to the virtual event. and when mark putin's first public engagement with biden. last month, bided agreed and a tv interview that putin is a killer. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. shery: time now for morning calls. i am watching today u.s. treasuries, 10 year yield fell below the 170 level. i am jean now saying yields could hit to a half percent by year end. the bank says yields look incredibly tame given next -- given data. expecting the gdp t

amazon and twitter coming out after the bell. expected to blow things out of the water, given what we have seen from apple and facebook. i do wonder what will make traders respond. why has there not been a bigger respond to beats that are astronomical? these are way above normal beats. jonathan: it's not just the companies that have had big year to date gains. still, the stock has hardly moved. i know one focus for you on amazon is the fact that it is north of 3500, and you think perhaps they should deliver a stock split. tom: we are seeing all of these companies adapting to the reality of their success. they've got a pr effort to the nation, frankly to their employees. i saw that yesterday afternoon with the amazon out front about pay raises coming quicker to the people. one of those things is just to be more visible and more accessible. why don't they do a stock split to recalibrate with other big companies like mcdonald's and that ilk? jonathan: steve schiffer own -- steve shive around -- steve chiavarone, federated hermas, jo

caroline: bad wins. >> may 11, amazon unbound. caroline: several counties in and around silken belly opened up covid 19 eligibility to people over 16. now anyone in california will be able to get a dose. what does it mean for big tech employees question mark are they going to be going back to the office? plenty of talks coming from big tech, this is a wholesale change. we can all be flexible. your perspective on whether people will go back to the office anytime soon. >> the tech industry was the first to very loudly embrace remote work. there is enthusiasm to get back to the office now that vaccinations are rolling out. there is this enthusiasm. we want to get back. they are not necessarily going to force people to go ahead -- go in every single day but they want people to be back there. caroline: i have been back in our studios since may. i am not a person that needs to be in the office. i love being an in office. i understand why people want that balance. what will the reopening look like? will offices in and of themselves have

i am curious, how could quantum computing revolutionize a company like amazon? peter: well, you know, the quantum computing is good at solving optimization problems with a cost function. it turns out many business problems can be converted into an optimization problem. as an example, what is the optimal route to deliver a package to a consumer? that is something that logistical companies are very interested in. because if you can shave a minute off a driver's route, that is big for a company. so for somebody like amazon, on the amazon.com side, they should have a lot of interest and logistics applications for quantum. you mentioned bill gates. there, it's things like better carbon capture and -- direct carbon capture and better batteries, and even chemical applications. it turns out that in the production of fertilizer, it is one of the most polluting industries on the planet that accounts for about 1% of all carbon emission. bacteria know how to do it in soils without any extra energy. we do not have a classical computer that can do that model, but a quantum co

amazon, microsoft, google, and apple. i am usually not big on this but i must omit, the restatement of the profitability -- admit, the restatement of the profitability of american technology. lisa: that was quite a way to start. a lot of people are looking at any indication of the taper debate. a lot of economists are expecting the fed to taper. the fed seems to be indicating. they may indicate just how much their willing to shift -- they are willing to shift position. jonathan: from new york city this morning, here is how we start things. s&p 500 futures look a little like this. into the bond market, yields are higher. they are up two basis points. lisa: the idea is the vaccination pace seems to be picking up in europe. the upside surprise potentially greatly exceeds that in the u.s. right now. durable goods in the u.s., 8:30 a.m. the expectation is for a slow down. people are looking for how many big-ticket items, how much companies are willing to invest. today, 11:30 a.m., we get a $60 billion two-year sale from the u.

apple is now 42% and amazon is 44%. you wonder if it's sustainable, take a look at the sales growth. there is real, solid sales growth happening so topline growth into new products and they are high margin products. so far, investors are not saying we will be in for the long haul and send them higher. they might be taking profit today. matt: very interesting, they knocked the cover off the ball but it's not really showing too much in the current trading. digging into the u.s. personal income numbers from march, we saw more than 21% surge in personal income but that follows the 7% decline in february. purchases of goods and services increased more than 4% last month. that is the most since june but the number that jumps at you, the biggest jump in personal income since 1946. we were not even born yet. amanda: thanks a lot. if you notice, there was a big drop off in february and you wondered what happened there. this chart is the role that government receipts are playing in that personal income. you get that government sp

with half the votes counted, amazon is ahead by a 2:1 margin. it calls the system broken and says it will appeal. preparation started for a u.s. ipo of chipmaker global boundary. it has had initial discussions about a listing at about $20 billion. the biggest landlord in london's canary district is considering scrapping a new office skyscraper and instead building a 60 story apartment block. they already have permission for a one million square foot office building. an important question, if you were in london, would you live in canary wharf? matt: no way. not in a million years. thank you very much for the first word news. canary wharf is far away from chelsea. it would take forever to see my friends. let's focus in on the banking industry and avoiding burnout. some wall street banks are reworking policies to protect the health of junior bankers. a flood of deals keeps the youngest staffers working late nights and weekends. joining us is tom metcalf from our banking team. is this just the trend of the hour? is it a fad or what is driving it? to

now i have been working with amazon. definitely one of the higher-paying companies because i am working with them through a long talk and i hopefully will continue working with them throughout college as well. i think the longer the long-term relationships with the companies, those are going to be the highest paying ones. i have done some with the disney channel and also what is great about forming these long-term relationships is once i have a relationship with a brand or an agency, they will continue to reach out to me if they have another company that whites to work -- that wants to work with me. that is the way i have made the most money. emily: do you have an agent? do you have someone advising you? >> i have a management team. i do not have an agent. they kind of do it all. they have been super helpful with helping me manage emails and all the brand deals and scheduling because i am in high school still and i am going to college. it is not a one person job anymore. i definitely need some help with managing it all.

[laughter] christopher: amazon is actually -- amazon has actually underperformed. what you are finding it a lot more banks, industrials, more value type companies, more cyclical type companies then you will see for a lot of the tech companies. a lot of the tech companies will continue to fall out of that moment in basket. lisa: whenever going to see the inflation you talked about? i know jon was trying to pin you down on a timeframe, but when do we start seeing the reality we are pricing out of hope or face? -- hope or faith? christopher: we are already seeing price inflation with a lot of companies across and us trills and chemicals. demand we think will be exceptionally strong, so we will see it over the next several months. we are beginning to see it already, and we think it just begins to accelerate. lisa: just to cut in, then why is it that the bid into treasuries has just gotten stronger? why is it that people are dismissing this? christopher: for a long time, what we are looking at when the vaccine was beginning to roll out, rates didn't move. here, the othe

amazon holds a 2:1 voting advantage in the poll, which will decide whether it can unionize. they will vote later friday. an advocacy group for muslim americans sued facebook for failing to police hate speech. the nonprofit group claims company officials violated a consumer protection law, falsely promising the company would remove content that violated community rules. the lawsuit alleged failing to enforce such policies caused a wave of anti-muslim abuse. apple is set to argue in court consumers and developers will suffer if epic games succeeds in upending how the apps market is run. epic plans to highlight anticompetitive behavior. the arguments were revealed as both resented their case to a judge ahead of their trial in may. epic sued apple and google last year over in-app payment restrictions. rishaad: getting a markets check, it's a bit of a mixed bag overall. stocks under a bit of pressure. we did see this play out on wall street and it is not making itself felt. the csi 300 is the biggest loser, 1.3%. taking a look at what else is happening in the sovereign bond space

this is bloomberg. ♪ 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 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

kicking it off with amazon, higher on a reported stock slip. that's not the reason apple traded higher today, this was after a $430 billion investment from apple. that will be pretty focused here in the states. you also have spotify gains on plans they could raise prices. once again, more revenue for that music company. lastly, the global autonomous electric vehicle etf. when you see big tech names, they tend to take electric vehicle makers with it. that brings me to tesla. the hot story up 1.2% in regular trading. down after hours, even though they did beat those estimates. why are they dropping? traders on the floor say it has to do with options pricing and perhaps it wasn't as big as some were expecting. caroline: i love it. i also love the banishing of the vaccine as well. katie grayfield and critique group just setting us up to describe a little bit deeper into tesla's first curve -- quarter earnings. tesla top holding in the firm fund. you caught everyone's attention a little earlier in the year your view on where tesla's price target wil

amazon, shadow banking systems, and talks about the country, racial and economic rights as he says. he calls for a marshall plan. tom: a marshall plan for jeff bezos? sonali: for the country. he believes that americans and the united states have lost belief in their institutions, everything from government, to schools, to business. >> this has been the ongoing theme this morning, the political nature of the bank in this particular letter. looking at the google threat, is he looking for more regulation for tech that is trying to get into the financial sector? is he looking for an acquisition? sonali: both. he signals a want to buy something. he's been doing that for a while. the specific interest is interesting and he does lay out the size of a ball -- of evolving competitors as a $5.6 trillion estimate about their size in this space. it's not just technology, its other shadow banking rivals, people in private credit, private equity, regulation is a part of this. we've been talking about regulation for days, but it's also the recognition, the first page of the report is j.p. morgan r

amazon is on deck. tom: rumors on apple, the leadership here of course from our wonderful mark gurman who is front and center. they are already modeling out a press release of the next chip. apple is looking beyond with all the investment in north carolina. the chip is substantially fancier. maybe we will hear about that today. jonathan: do you know how any messages i've had about a potential stock split? that's what you want. tom: i don't care. jonathan: explict -- tom: explained to me why we have a $3000 stocks -- stock price. this is part of the american fabric. they are to bring it down to a dow equivalency so they can join the index that matters. jonathan: it's 2021 you don't have to be in the dow. there is such thing as fractional share ownership. do you want to be -- do you need a stock split in 2021? tom: amazon should be in the dow. jonathan: i'm not a bite back. too much energy for later on today. i'm just knocking to do it. tom: jerome powell quotes the dow. jonathan: when they look at financ